Back in February we told you how the Prime Minister had increased the instant asset write-off to $25,000. Well the good news is that the government have now increased this to $30,000 as of the 2nd April 2019!
Summary of the Instant Asset Write-off:
- Small businesses can claim immediate deductions of up to $30,000 after 2nd April 2019.
- Available for small businesses with an annual turnover of less than $10 million
- Applies to new, second-hand or ex-demo equipment asset purchases.
- The assets must first be used/installed in the income year you’re claiming for.
- No limit on the number of assets you can claim each year.
- The initiative has been extended through to 30 June 2020.
What Does This Mean for Veterinary Practices?
If you are thinking of investing in new equipment or upgrading old equipment, the increased threshold now opens doors to equipment that may have been previously out of your budget.
Contact us to discuss various options for your clinic today.
Before making any purchases,we advise you to speak to your accountant/financial advisor to discuss how the purchase might impact your cash flow or current tax position.