2019 Budget Announcement
The Government has announced as part of the 2019 budget that it will extend the business instant asset write off deduction, increase the cost threshold to $30,000 to 30 June 2020. The $30,000 threshold applies from assets purchased from 2 April 2019.
Further, medium sized businesses up to a turnover of less than $50m are also eligible, in addition to small businesses with an aggregated turnover of less than $10 million as has applied previously. This announcement is a positive for our small and medium business customers who are looking to acquire assets costing under $30,000 in the period up to 30 June 2020.
What vehicle is Eligible?
The instant asset write‐off applies to the majority of capital asset types, including new and used motor vehicles.
To be eligible, the cost of the asset must be less than $30,000 i.e. $29,999.99 and below. For a motor vehicle, the following have to be included in the cost:
- Stamp Duty
- Accessories fitted to the vehicle at time of acquisition (eg: window tinting)