Extension of $20,000 instant asset write-off now law
An immediate deduction for depreciating assets costing less than $20,000 is now available for small business entities until 30 June 2019.
The Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2018 has received assent as Act No 109 of 2018 on 21 September 2018. The Act extends the current availability of the immediate deduction for depreciating assets as well as for amounts included in the second element of a depreciating asset’s cost and general small business pools, where the amount is less than $20,000, to 30 June 2019. This threshold was otherwise due to revert to $1,000 as of 1 July 2018.