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<$30,000 instant asset write off 

Here is a quick guide for the <$30,000 instant asset write off announced in the Budget.

To be eligible:

Check the following with your accountant.

  • The Tax Deduction should be $29,999 Plus the interest costs.
  • You can buy / Finance numerous $29,999 Assets + GST.
  • Assets don’t have to be brand new.
  • Assets must be paid for, delivered and ready for use by June 30 if you seek to claim This TAX Year.
  • NO, you can’t break a $120,000 Mercedes into 4 Invoices.

Here’s some more detailed info from our friends at Mazars Accountants.  https://www.mazars.com.au/Home/News/Latest-News/How-does-the-30-000-Instant-Asset-Write-off-work

I would be delighted to assist with any finance requirements. Please just make contact. I am here to help

 

 

The above is general information only and is NOT accountancy or Tax advice. Accordingly, the information on this site is provided with the understanding that the authors and publishers are not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. Before making any decision or taking any action, you should consult your accountant or advisor.

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