Instant Asset Write off for Small Business - ABN users 30K
If you buy an asset and it costs less than $30,000, you can write off the business portion in your tax return for the relevant income year. This can include items such as cars less than $20k, computer, IPAD, Tools that are less than $20K individually.
They must be related to work.
There is no limit on the number of items you can claim as long as they are related to work and individually under $20K in value.
Receipts should be kept at all times to prove date and amount of purchase if you subject to audit.
The $30K Write-off is a government led scheme that lets you decrease your taxable income by writing-off the depreciation on work-related asset purchases ‘instantly’, instead of claiming smaller depreciation each year. If you purchase any depreciating business assets (new or second-hand) before June 30, up to a total value of $30,000 per asset, you can claim them on tax this financial year. So you can invest in vital business equipment and claim the depreciation back in one deduction instead of having that money tied up in assets for years. Sounds like a win-win, right?