Claim the Instant Asset Write-off with these tax-saving strategies for your business this financial year.
The Australian Government is continuing to support business owners still struggling after the pandemic.
The instant asset write-off is for Australian businesses with a total annual income of $5 million or less. Businesses with an aggregate turnover of less than $50 million can also claim on eligible second-hand assets. Eligible businesses can claim an immediate deduction for the business portion of the cost of their asset. All you have to do is submit your claim in the year the asset was first used or readily installed for use.
Anything under the value of $150,000 for new and second hand assets within the ATO’s guidelines.
Have you claimed your instant asset write-off? Get in now before June 30.
What do you need to make a claim?
Your aggregated turnover
When it was first installed or installed ready for use
The date you purchased the asset
The cost of the asset being less than the threshold
Greenhalgh Pickard’s business advisory team
