Immediate Tax Reduction

 

IMMEDIATE TAX DEDUCTION FOR ASSETS COSTING $20,000 OR LESS

Parliament has passed legislation to temporarily increase the threshold for which small businesses can claim an immediate deduction for the cost of assets from $1,000 to $20,000. This increase in the threshold applies only to assets first acquired after the 12th May 2015. The threshold will return to $1,000 from the 1st July 2017.

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