T: +61-7-3221 5677 - E: enquiries@walshs.com.au
  • Make a Payment
  • Switch to Medical Clients
  • Switch to Private Clients
  • Register on Portal
  • LOGIN

WalshsWalshs

Walshs

Walshs are leading financial advisors in Brisbane, providing accounting and strategic financial planning advice.

T: 61-7-3221 5677
Email: E : enquiries@walshs.com.au

Walshs
Level 24/10 Eagle Street, Brisbane QLD 4000

Open in Google Maps
  • Medical Clients
  • Private Clients
BOOK AN APPOINTMENT

Walshs Insights

Claiming the $20,000 instant asset write-off
Monday, 01 October 2018 / Published in Walshs Blog

Can you claim the $20,000 instant asset write-off?

Businesses with an annual turnover less than $10 million (from 1 July 2016) can claim the $20,000 instant asset write-off.

If you buy an asset and it costs less than $20,000, you can write off the business portion in your tax return for the relevant income year.

You are eligible to use simplified depreciation rules and claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  • you had a turnover less than $10 million (increased from $2 million on 1 July 2016), and
  • 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.

The $20,000 threshold for the instant asset write-off applies from 12 May 2015 to 30 June 2019 and reduces to $1,000 on 1 July 2019.

Learn more about the instant asset write-off including some practical examples here on the ATO website.

If you have any questions or are still not sure if you can claim the $20,000 instant asset write-off or how to claim the $20,000 instant asset write-off, make an appointment to see the Walshs team – you can now book online here – or call Walshs on 07-3221 5677.

As this advice is general in nature please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.

  • Tweet

What you can read next

Walshs’ 2019 Christmas Charity – Brisbane Basket Brigade
What you need to consider when planning for your 2019-2020 year end tax – business owners
Walshs App update GPS Logbook
Track accurate journeys with Walshs powerful GPS Logbook

Recent Posts

  • White electric car being charged at a station

    Taxation of Electricity for Electric Vehicles

    With fuel prices on the rise, along with a glob...
  • Calculator wrapped in twine on a desk with salary packaging words in blocks

    Salary Packaging

    Salary Packaging provides you with a method of ...
  • Person typing on a keyboard with overlay of digital housing image

    Tax Planning – Rental Property Expenses & Deductions

    With the end of the financial year upon us, it’...
  • House toy on a desk with person in a white shirt using a calculator to plan work out rental yield

    Rental Yield – What is it and how to calculate it

    Do you own an investment property or are you lo...
  • Person wearing a white shirt writing the words tax tips onto a blackboard with white chalk next to a drawing of a light bulb.

    Tax Planning Tips for Businesses & Individuals

    As we move towards the end of financial year, i...
awards basdges`
  • Medical Clients
  • Private Clients

About Walshs

Walshs Practice was established in 1991 and has grown to become one of South East Queensland's leading accounting and financial planning firms. Walshs encompasses tax and accounting services, business structuring, wealth advice, business services, superannuation and retirement planning, finance, insurance, lending and estate planning all under one roof.

Contact

  • OFFICE - Level 24/10 Eagle Street, Brisbane QLD 4000
  • POSTAL ADDRESS - GPO Box 12, Brisbane QLD 4001
  • TELEPHONE: - 61-7-3221 5677
  • FACSIMILE - 61-7-3221 5744
  • EMAIL - enquiries@walshs.com.au
All advice on this site is general in nature and does not take into account your personal circumstances. Please do not hesitate to contact one of our adviser accountants or financial planning advisers if you have a query that is specific to your circumstances.
© 2021 Walshs Practice Unit Trust | ABN 11 248 978 295 Walshs Financial Planning Pty Ltd AFSL 432636 ABN 82 122 293 912 Corporate Authorised Representative No. 463774 of Walshs Finance Australian Credit Licence 459119
  • Privacy Policy
  • Financial Services Guide
  • Credit Guide
  • Complaints Policy
TOP
GET IN TOUCH

If you would like a Walshs adviser to contact you or to receive marketing material from Walshs and/or be advised of upcoming seminars and events please provide your contact details.
[contact-form-7 id=”18018″ title=”Contact form 1″]

Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback