$20,000 instant asset tax write-off extended until June 30, 2019
The extension of the instant asset tax write-off comes as welcomed news for small business owners in what is seen as many as a conservative budget for the sector.
The mechanism of the instant write-off allows business owners to claim up to $20k in a single transaction on business equipment; and the $20k write-off can be claimed multiple times. The aim of the scheme is to encourage investment into new equipment.
“According to our survey of 1,000 small business owners, 91 per cent say they’d like the government to extend the instant tax write-off beyond 30 June 2018. However, over one in three (39 per cent) respondents have yet to utilise the incentive, indicating the potential need to better educate Australian small businesses on what they can and cannot write off.” Sam Allert - MD for Accountants Group at Reckon
Clearly not all business owners are taking full advantage of the scheme.
What can I write off then? I hear you say...
Food & Hospitality Retail
Think cash registers, in-store security systems, new computers (laptop, iPad, tablet), office supplies, lighting, POS equipment & software, accounting software, retail furniture (chairs, tables, shelves, etc). All of these items can be written-off immediately, even at 1 July, using the $20,000 instant asset tax write-off for small businesses.
So if you think you may have a claim... raise your hand!