…IN THE FEDERAL GOVERNMENT’S BUDGET
Small businesses can claim an immediate deduction for eligible business assets costing less than $30,000 (+ GST) each, purchased from 2nd April 2019. Assets purchased before this date, have a cost ceiling of $25,000 (+gst) to be eligible for the instant asset write off.
My suggestion to small business owners is:
If you need new business assets which cost less than $30,000 each, and you can afford to, and you are paying tax, purchase new eligible items before 30th June 2019 to claim the deduction in this financial year.
Make sure you can substantiate ALL of your tax deduction claims.
Please contact me if you need assistance.