<$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
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