Applying the $20,000 instant asset write-off

Small business owners can enjoy $20,000 instant asset write-off before the end of 2018 financial year.

If the business does require new capital purchases (such as equipment, tools, office furniture, etc.), it may be a good idea to take the advantages before the end of the concession period.

This may also significantly change your year-end tax planning.

At this stage, there is no clear indication whether this benefit will be extended again through the upcoming federal budget release in May this year.

Please note that you must be eligible to claim immediate deductions, which generally concern your business turnover and the actual use of capital assets to be purchased.

If you have any queries in relation to the eligibility or other relevant issues, please do not hesitate to contact Mr. Wen Wei, who is the principle for the department of Tax and Business Services at WE DO TAX – Australia