Immediate Write Off of Assets Purchased announced in the 2019 Federal Budget has been passed by both houses of Parliament in record time.

The Government has wasted no time. Changes to the instant asset write off announced in the Federal budget last Tuesday has been passed  through both houses of parliament.

More businesses will be eligible for an instant asset write-off on the purchase of depreciable assets. 

This has created a number of different thresholds for the current financial year as summarised here: 

Small Business Entities
(group turnover below $10m and using small business pooling)

1/7/18 – 28/1/19          $20,000

29/1/19 – 2/4/19          $25,000

3/4/19 – 30/6/20          $30,000

Medium Business Entities
(group turnover $10m – $50m)

3/4/19 – 30/6/20          $30,000

Purchases of assets below the threshold, during the times listed can be immediately deducted by eligible entities.

If you have any queries and wish to discuss this with your Accountant, please contact Patrick Rowan & Associates  tel: 5221 7655 during business hours.