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Small business tax deductions

Eligible small businesses can deduct assets valued at less than $30,000.*

Hurry – buy before June 30th to claim in this year’s tax return!*

Click here to learn more.

Example: Purchasing multiple assets

Barry owns a Quick Service Restaurant. On 10 April 2019, Barry purchases and starts to use a new Summit Timer for his business valued at $22,000. The following month, he purchases and starts to use a new headset equipment to support his business which costs him $14,000. Barry has spent a total of $36,000. As the $30,000 instant asset write-off threshold applies to each asset, Barry is able to claim both the timer and the headset equipment in his 2019 tax return.

Terms and Conditions:

*Eligible small business entities with aggregated annual turnover of less than $10 million may immediately deduct assets that cost less than $30,000. This applies to assets purchased on or after 02 April 2019, and used or installed ready for use, before 30 June 2020. The less than $30,000 threshold applies to each individual item. Small businesses can apply the less than $30,000 threshold to as many individual items as they wish. The deduction is limited to the extent to which the asset is used for an income producing purpose. These terms are for general information only and do not constitute taxation advice. Other requirements under the tax law apply. You should seek professional tax advice to determine whether you are eligible to claim a deduction for any purchases.