Reminder: Immediate deductibility for assets under $20,000 purchased by small businesses (turnover up to $10m) extended until 30 June 2018
In the last Federal Budget the Government announced an extension to the measure providing an instant asset write-off for small businesses. This announcement has since been legislated and small businesses (now defined as businesses with turnover under $10m) can immediately deduct the business portion of most assets if they cost less than $20,000 and are installed ready for use by 30 June 2018.
This deduction is available for each asset that costs less than $20,000, whether new or second-hand.
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