– Instant asset write-off will come into effect from 2nd April 2019 until 30th June 2020. This means increasing the instant asset write-off threshold from $25,000 to $30,000. The threshold applies on a per asset basis, so eligible businesses can instantly write off multiple assets. Also making the instant asset write-off available to medium sized businesses, only currently available to eligible small businesses.
– Small businesses (with a combined annual turnover of less than $10 million) will be able to immediately deduct purchases of eligible assets costing less than $30,000 that are first used or installed ready for use from 2nd April until 30th June 2020. Only a few assets are not eligible.
– The Government will support the expansion of the data collected through Single Touch Payroll (STP) by the ATO and include more information about gross pay amounts. These changes will reduce the compliance burden for employers and individuals reporting information to multiple Government agencies.
The full Budget papers are available at www.budget.gov.au
If you have any questions or would like further information please contact our office on 66 580 309.