Treasury Laws Amendment – Great News for Small Business!

With the passing of the Treasury Laws Amendment (Accelerated Depreciation for Small Business Entities) Bill 2017, the ability for Small Business Entity (SBE) taxpayers to claim an outright deduction for depreciating assets costing less than $20,000 has been extended until 30th June, 2018.

To qualify for an immediate deduction:

• Depreciating assets must cost less than $20,000.
• The asset can be new or second-hand.
• Deductions can be claimed through your tax return in the year the asset was first used or installed ready for use on or before 30th June, 2018.
• Satisfy the requirements to be an SBE taxpayer (business turnover threshold $10M).

The National Tax and Accountants’ Association is strictly dedicated to helping accountants, tax agents, tax advisers, and people in business solve tax and business/legal problems.

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