Original blog by our friends at Aliva – Check it out here https://aliva.com.au/2019/06/12/instant-asset-write-off-how-can-it-benefit-your-business/ The 2019 Federal Budget ushered in several benefits for small to medium businesses, one of which was an extension to the instant asset write-off initiative until June 30, 2020. Haven’t heard of the scheme? You’re not alone – research conducted by American Express revealed that almost half of all small business owners were not aware of the initiatives and benefits it could bring to their business.
The instant asset write-off scheme allows small to medium business with turn over of less the $50 million to claim an immediate deduction for new or second-hand plant and equipment assets, such as office equipment, vehicles and tools. These assets must first be used in the year you are claiming for. For detailed information about the scheme, please check the ATO website
Aliva can offer several different ways to utilise the scheme to your advantage and we’ve listed just a few of these below.
Contact us now. Aliva’s trained staff can help you source new assets so that you can start using them before 30th June 2019 and be eligible to claim* up to $30,000 in this year’s tax return. *As always, before making any large purchases, we suggest you speak to your accountant or tax professional and assess how the asset will benefit your business and how the purchase may impact on your cash flow or finances in the short term. By Matthew Winwood – Business Development Manager