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Small Business Asset Write-Off

31/5/2017

2 Comments

 
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Small businesses with a turnover up to $10 million will continue to be able to immediately write off expenditure up to $20,000 for a further year.

Eligible assets cost less than $20,000 first used or installed ready for use by 30 June 2018.

Only a few assets are not eligible (such as horticultural plants and in-house software).

Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool (the pool) and depreciated at 15 per cent in the first income year and 30 per cent each income year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period (including existing pools).

The current ‘lock out’ laws for the simplified depreciation rules (these prevent small businesses from re-entering the simplified depreciation regime for five years if they opt out) will continue to be suspended until 30 June 2018. This measure will improve cash flow for small businesses, for another year.

From 1 July 2018 the immediate deductibility threshold and the balance at which the pool can be immediately be deducted will revert back to $1,000. 
2 Comments
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8/6/2017 11:00:51 pm

Small businesses have a very big return in some cases. The reason behind this is because of the minimal cost. They have a rather smaller budget, but a smaller cost to combine with. If they have a 100% return in profit, they'll get more than what they risked for. It's called a high reward and high risk margin.

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Heather link
15/2/2021 01:53:39 pm

Thank yoou

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    Paula Granelli

    Bookkeeper, BAS Agent, Diploma Accounting, I love helping small businesses get their books back in order and create calm out of chaos.
    Looking for a bookkeeper on the Northern Beaches?

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