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Articles
Reminder – Salary and Wages PAYG Shortfall
$20,000 Asset Write Off Reminder
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Budget 2016-17
FBT Time
Fringe Benefits Tax – Company Holiday Home
Fringe Benefits Tax – Nil
Estate Planning - early inheritance
ATO issues SMSF tax warning
ATO seeks to dispel LRBA panic
Financial tools your family and friends can use.
$20,000 Asset Write Off Reminder
Tax office issues warning on imminent rule change
Age Pension means-test prevents rational decision-making
Locking Up Bank Accounts
ATO figures show property investors missing out on tax breaks
$20,000 Asset Write Off Reminder

 

This 2015/16 Federal Budget incentive, was a short-term measure to allow small businesses an immediate write off for depreciating assets acquired, which costs less than $20,000.



       


This measure is still relevant for full 2016 year, but ceases on 1 July 2017.


A prerequisite is a small business entity, which requires firstly a business and secondly annual aggregated turnover of less than $2 million (turnover of entities connected with or affiliates).


The legislation was relatively simple to implement, because the existing threshold for similar deductions had been $1,000, but for acquisitions after budget night and for the next two years, the threshold was lifted to $20,000.


The item does not need to be new.  It does have to be a depreciating asset, which implies it has a limited affective life.


The asset must be used or installed ready for use.


The deduction is limited to the “taxable purpose portion” which means if the asset is used 40% for business purposes and the asset has a cost of less than $20,000, then 40% of the “depreciation” is claimable.




15th-April-2016