Did you know that the Asset write-off of $20,000 has been extended to 30 June 2018?

If you bought an asset after 1 July 2017 and it costs less than $20,000 you can immediately claim the business portion in your 2018 tax return.

You are eligible to use simplified depreciation rules to claim the immediate deduction of each asset (new or second hand) costing less than $20,000 if:

• You have a turnover less than $10 million (this has increased from $2 million), and
• The asset was first used or installed ready for use in the 2017/18 income year.