In our blog on the Federal Budget, it was announced that there was plans to increase the instant asset write-off threshold to $30,000  (from $25,000) to June 2020 and expanding access to medium-sized businesses with an annual turnover of less than $50 million to help them reinvest in their business, employ more workers and grow. 

It is great news to report that The Treasury Laws Amendment (increasing the instant asset write-off for small business entities) Bill 2019 received Royal Assent on 6 April 2019 and is now law. 

These changes are great tax advantage to businesses looking to invest in assets between now and June 2020.

The thresholds are therefore now:

Date range Threshold for
each asset
7:30pm (AEDT) 02/04/2019 to 30/06/2020 $30,000
29/01/2019 to before 7.30pm (AEDT) 02/04/2019 $25,000
7.30pm (AEST) 12/05/2015 to 28/01/2019 $20,000
01/01/2014 to prior to 7.30pm (AEST) 12/05/2015 $1,000

A taxpayer will be a small business taxpayer if (in general) they: 

  1. Carry on a business; and
  2. Have an aggregated turnover of less than $10 million.

A taxpayer will be a medium business taxpayer if (in general) they: 

  1. Carry on a business; and
  2. Have an aggregated turnover of less than $10 million.

If you want more detail on the rules and how you can take advantage of them, check out our Tax Planning page and download our free guide, or fill in this form to request a quick call or email back.

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