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Instant tax write-off for small business assets extended

Posted by Northadvisory on February 4, 2019

The Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was passed by the Senate and the House of Representatives on the morning of 4th April 2019, with 18 government amendments which give effect to the federal budget announcement to increase the threshold to $30,000 and expand the eligibility to medium-sized businesses with a turnover of less than $50 million.

While the amendments have passed, the bill does not become law until it receives royal assent.

The amendments mean that there will be three tiers for accountants and their clients to consider within the 2019 financial year, due to Prime Minister Scott Morrison’s announcement to raise the threshold to $25,000 in January.

  1. The first tier will be the $20,000 threshold for depreciable assets that are acquired before 29 January 2019;
  2. the second being the $25,000 threshold for assets first used or installed between 29 January 2019 and 2 April 2019; and
  3. the third tier being the $30,000 threshold for assets first used and installed after the 2 April budget announcement and before 1 July 2020.

If you have any questions regarding this matter, please do not hesitate to contact us.

Norman Ruan
T: 02 9984 7774