If you are operating a Small Business and thinking about purchasing new assets then now is an ideal time to start thinking about what your business will need to purchase before the end of the financial year. To take advantage of the immediate write off in the current financial year you will need to ensure the asset is first used or installed ready for use by 30 June 2017. Also note that the write-off threshold is on an individual asset basis so if you have multiple small business assets that are less than the threshold they can be immediately written off. Another point to be aware of is that both new and second hand assets qualify for the immediate write off.
***The Federal Budget on 9 May 2017 has announced a proposed reprieve for the $20,000 immediate asset write off for another year until 30 June 2018, enabling small businesses to take advantage of this again next year.
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