$20,000 instant asset write off extended to 30 June 2018

Assets purchased for business use can be immediately written off (if they cost less than $20,000 [per item]) up to 30 June 2018.  From 1 July 2018 the threshhold will reduce to $1,000.

You are eligible to claim the immediate business expense deduction if:

• Your business turnover is less than $10 million; and
• The asset was first used or installed ready for use in the income year you are claiming it in.

Follow this link for further information.