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Extension of Instant asset write-off


Extension of Instant asset write-off

On January 29, 2019 the Prime Minister announced that the instant asset write-off would be extended to 30 June 2020 and that the threshold would be increased to $25,000. These changes take effect from January 29, 2019.

This will enable over three million small businesses across the country with an annual turnover of less than $10 million to access the new $25,000 instant asset write-off from now until 30 June 2020.

·         Tax relief for incorporated small and medium businesses, with turnovers of less than $50 million per annum. These companies will move to a 25 per cent tax rate by 2021-22;

·         An increase to the rate of the tax discount for unincorporated small businesses with turnover below $5 million to 16 per cent by 2021-22; and

An increase to the small business entity turnover threshold from $2 million to $10 million per annum, which has extended access to a range of tax concessions.
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JH Business Services & Taxation
Accounting | Business Advisory | Tax Services
Specialist in small to medium business 
& personal tax services


Norwest Office


 Suite 205
29-31 Lexington Drive
Bella Vista
NSW 2153