Now that the Federal Election has been won by the Coalition, many business owners are wondering about how this affects their tax position this year.
Our combined focus needs to be on how you can save tax before 30 June 2019!
Here is a key area that will affect you as a business owner in the short term.
Instant Asset Write Off – Up to $30,000
If your business has a turnover under $10 million, business assets purchased up to the following threshold amounts (exc. GST) will be immediately deductible:
- $20,000, from 1 July 2018 to 28 January 2019
- $25,000, from 29 January 2019 to 7:30pm 2 April 2019
- $30,000, from 7:30pm 2 April 2019 to 30 June 2019
Depreciating assets valued at more than the above threshold amounts will be depreciated in one pool at a rate of 15% in the first year, and 30% in future years.
If your business has turnover from $10 million to $50 million, business assets purchased up to the following threshold amounts (exc. GST) will be immediately deductible:
- $30,000, from 7:30pm 2 April 2019 to 30 June 2019
