Make the Most of Your Tax Write-Offs
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, immediately! 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?
You can claim this on tools, equipment, office furniture, software, work vehicles, IT hardware, signage, and more.
To write off an asset, it needs to be purchased, first used, or installed ready to use by the end of the financial year. If you purchase a new asset on 30 June 2019, but don’t have delivered and ready for use, you will have to write it off in the next year.
For more information, visit the ATO website.