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Latest GPA News            

           

The $20,000 Instant Write off For Small Business has been extended until 30 June 2018.

 

The instant tax deduction for assets costing up to $20,000 is a "limited time offer," with the instant deduction applying to assets purchased from 12 May 2015 until June 30, 2018.

 

In any small business, cash flow is the number one concern for its stakeholders. These measures essentially mean that a taxpayer can bring forward deductions where they wouldn't otherwise have been able to do so.

Any small business with turnover of less than $2m can purchase business assets for $19,999 or less and get an immediate tax deduction for them rather than having to write them down over the following years.

 

Assets valued at $20,000 or more can continue to be placed in the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% thereafter. Under the new measures the pool can also be immediately deducted if the balance is less than $20,000 during this period (including existing pools).

 

From 1 July 2018, the immediate deductibility threshold and the balance at which the pool can be immediately deducted will revert back to $1,000.

 

If you would like further information and are considering utilising this deduction before the end of this financial year, please get in touch and one of the team can show you how this may apply to you.

                

 

 

 

 

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