Adept IT Solutions Newcastle – $30,000 instant asset write-off threshold

If you buy an asset by 30 June and it costs less than $30,000, you may be eligible to write off the business portion in your 2019 tax return.

Adept IT Solutions Newcastle – $30,000 instant asset write-off threshold

Thinking of purchasing assets for your business?

The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.

If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.

Different thresholds apply for assets purchased before that date:

  • from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000
  • before 29 January 2019, the threshold is $20,000.

You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.

Assets that cost $30,000 each or more can’t be immediately deducted. You can continue to deduct them over time using the small business pool.

From 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.

Remember, registered tax agents can help you with your tax.

If you are thinking of purchasing any new IT hardware, this may be the time to get in contact with our friendly sales team to make an order prior to the end of financial year at or by contacting the office on 02 4955 2215.

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