The $20,000 instant asset write-off for small businesses has been extended to 30 June 2018. This doesn’t leave a lot of time to make the most of this deduction!
What is the $20,000 instant asset write-off?
This information from the ATO will guide you.
“If you buy an asset and it costs less than $20,000, you can immediately deduct the business portion in your tax return. The $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018.”
To be eligible, you must have a turnover of less than $10 million (increased from $2 million on 1 July 2016) and the asset must have been used for the first time or installed ready for use in the income year you are claiming it in.
Read more about applying the $20,000 instant asset write-off.
End of Financial Year Shed Sale
Wondering what $20,000 can get you?
Check out these designs all under $20,000 supplied to site (May vary depending on location)
Get in touch with All About Sheds in Nowra today to take advantage of this offer. We are the leading supplier of sheds in Nowra and the Shoalhaven, and we have distribution outlets across the rest of Australia. We are a 100% Australian, family-owned and operated business, and have been serving local and interstate clients since 1987. When you choose All About Sheds, you are choosing a quality, long-lasting shed and superior customer service.