Year End Tax Planning – Instant Asset Write-Off

New legislation is now in place for the expanded instant asset write-off.

In particular, businesses with a turnover less than $50 million can claim immediate deduction on depreciating assets purchased and first used or installed ready for use up to $30,000 each from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.

Given the significant expansion of the concession, many businesses may not be aware that they are now eligible for the concession.

This is an opportunity for your 2019 tax planning strategy.

You can contact us if you have any questions about the instant write-off rules.