Posted on February 1, 2019
In addition to our article “$20,000 Threshold Extended to 30 June 2019” published on 9 January 2019, we are pleased to advise that the government has just announced plans to raise the threshold for the instant asset write-off to $25,000 (currently $20,000) and extend it for another year.
The write-off will be available for small business with an annual turnover of less than $10 million and will be extended for another year, running until 30 June 2020.
It had been due to expire at the end of the current financial year.
The government will be seeking to legislate the change when Parliament resumes on 12 February.