Thinking of purchasing assets for your fencing 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.
This article was first published in The Fence magazine.
