Claim Immediate Tax Deduction on Asset Purchases before 30th June 2019
The write-off threshold of $20,000 TAX DEDUCTION has been extended to 30 June 2019.
Many Borrowers have become affected by Lenders who are tightening their credit policies in recent times. We understand that life can sometimes interfere with good intentions of honouring your credit providers and loans. We have handled clients who have faced unemployment, illness, injury, divorce, or even a dispute with a creditor. United Financial Services believes in second chances. Generally, applicants who are employees, even part time, will be successful in securing a loan with one of our lenders at competitive rates. Even if you are self-employed and cannot provide financials, we have Lenders willing to offer finance packages to suit your circumstances.
You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
a) You have a turnover less than $10 million (increased from $2 million on 1 July 2016), and
b) The asset was first used or installed ready for use in the income year you are claiming it in.
Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
