The $20,000 Federal tax write-off threshold applies until 30 June 2018. Now is a great time to invest in a new boiling/chilled filtered drinking water tap. To qualify, it needs to be installed by June 30, so now is the time to call.
If your organisation has a turnover of less than $10 million, you can write off assets costing less than $20,000 each. All simplified depreciation rules will apply to assets when choosing this method.
Everyone’s friends at the Tax Department have identified that some tax agents have under-claimed by not applying all the simplified depreciation rules. The ATO advises that to use simplified depreciation rules correctly you must:
This article does not constitute financial advice, is of general nature and does not take into account the circumstances of your organisation. Please seek your own independent accounting and tax advice before taking action. You may also wish to read more at the Australian Tax Office Website.