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ATO Instant Asset Write Off-2019-West Coast Poly-Tax Time

Did you know the ATO Instant Asset Write-Off has been increased and extended?

  • The threshold has increased to $30,000, and has been extended to the 30th of June 2020.
  • Using the simplified depreciation rules, assets costing less than the relevant instant asset write-off threshold are written off in the year they are first used, or installed ready-for-use.
  • This threshold applies to each asset irrespective of whether the asset is purchased new or second-hand.
  • You can immediately claim a deduction for individual assets that cost $30,000 or more. You can continue to deduct these over time using the small business pool or the general depreciation rules, depending on your turnover.
  • You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold*

*See the ATO Website for more details.

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