Chamber members that are looking to expand or improve their business, with a turnover up to $50 million, and thinking of buying new or second hand assets may be eligible for a $30K instant asset write-off.
This applies to assets that cost up to $30,000 and were purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.
Businesses may purchase and claim a deduction for each asset that cost less than the $30,000 threshold. For example, in the same financial year a business may purchase a new van worth $22,000 and then purchase new equipment at a cost of $14,000. The business can claim both of these as each of the assets are under the $30,000 threshold.
For assets over $30,000 the general depreciation rules apply.
Source: ATO website.
Please note: Nothing in this blog post constitutes legal, accounting, tax or any other advice in any form. All member businesses must seek their own independent professional advice and guidance.