As a part of the 2019-20 budget, the Treasurer of the Australian government announced the increase of the instant asset write- off from $25,000 to $30,000 and an increase in the business turnover threshold from $10 million to $15 million.
For the farmers
Primary producers may be able to immediately deduct (rather than depreciate over three years) the cost of fodder storage assets, such as silos and hay sheds used to store grain and other animal feed, making it easier for them to invest in and stockpile fodder. Primary producers who store fodder for sale may also be entitled to this deduction.’ Read more
This measure is available for fodder storage assets first used or installed ready for use on or after 19 August 2018.
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And for small businesses
The Government’s Small Business Instant Asset Tax Deduction on purchases up to $30,000 is applicable to businesses with an aggregated turnover of less than $50 million. Read more
*Please note the below products are a guide as to what you may be able to claim, it is important for you to check what is applicable for you first, by researching the ATO website or speaking to your accounting professional.
*Tax rules apply, seek professional advice as to Polymaster products which apply for you, and when you can purchase and claim them.
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