Time running out to claim immediate tax break

With the end of the financial year just weeks away, this could be a golden opportunity for your business to take advantage of the enhanced instant asset write-off scheme.

The federal government recently increased the instant asset write-off threshold from $30,000 to $150,000, for businesses with a turnover of less than $500 million.

So if you have an eligible business and you install an asset worth less than $150,000 before 30 June, your business can claim the entire spend on its next tax statement, rather than deducting the spend over multiple years.

Your business can also claim accelerated depreciation on certain assets, provided they were:

  1. Purchased on or after 12 March
  2. Not subject to other depreciation deductions (including the instant asset write-off)

Click here for more information about the government’s ‘Support for Businesses’ measures, in response to the COVID-19 pandemic.

If you have any further questions about the asset write-off scheme, or any financial queries, visit www.tangoloans.com.au.

The friendly team at Tango Loans are always ready to assist you with your next financial move.