Claim up to $30,000 in tax deductions
Recently purchased some new office chairs? Perhaps a coffee machine? Or even some new storage space? Then you’re going to love the next big change from the ATO.
As of July 1st, the ATO has made significant changes to the instant asset write off scheme, increasing the limit to $30,000 and giving Aussies until the 30th of June, 2020 to make a claim. Meaning that any business that has a turnover of up to $50 million, they’ll be able to claim deductions on a variety of items as long as they have been bought, used or installed between April 2019 and June 2020.
“The instant asset write-off has recently been made even more generous, with all assets costing up to $30,000 each available for instant write off. In addition, thousands of additional businesses now qualify, as the qualifying turnover threshold has been raised to cover any business with a turnover up to $50 million,” says Mark Chapman, Director of Tax Communication at H&R Block.
“So, any small or medium business that’s looking to improve productivity, efficiency and profitability can now lock in an immediate tax deduction for items as diverse as laptops, office furniture, stationery, cars and coffee machines.”