Extension of Instant Asset Write-off Bill Introduced | North Advisory

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    Extension of instant asset write-off Bill introduced

    Posted by Northadvisory on May 26, 2017

    The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017 has been introduced into parliament.

    The Bill amends the accelerated depreciation rules for small business entities (SBEs) to extend by 12 months (from 1 July 2017 to 30 June 2018) the availability of an immediate deduction for depreciating assets, amounts included in the second element of a depreciating asset’s cost and general small business pools, where the amount is less than $20,000 (rather than $1,000).

    It should be noted that the small business aggregated annual threshold for 2016/17 and later income years is $10m.

    The Bill also extends the period for which the operation of the “lock-out” rule is suspended until 30 June 2018.