Grab your cheque book! EOFY is upon us
While you might be hurriedly preparing your BAS, it can wait until Friday. You’ve got less than 48 hours to take advantage of the Federal Government’s $20,000 instant asset write-off scheme.
The $20,000 instant asset write-down was certainly one of former-Treasurer Joe Hockey's brighter moments. (Image: The New Daily)
The write-down is a huge improvement on the previous scheme. Prior to 12 May 2015, businesses were only able to claim these tax credits on items valued under $1,000.00.
You can take advantage of this scheme for as many items as you like, however any items purchased for more than $20,000.00 will be treated in the same way they always have – a 15% depreciation in the first year, followed by 30% every year thereafter.
For businesses turning over up to $10 million, your turn will be next year when the government extends the scheme. Start putting together your shopping list now.
So, if you’re looking for a couple of UHDTVs and a Jura coffee machine to deck out your (ahem) staff kitchen, you’ve got two shopping days to get it sorted.