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Good news for your fencing business

Here’s the good news on claiming the cost of your business assets.

The $20,000 Instant asset write-off threshold has been extended to 30 June 2019.

This means you can continue to claim the cost of new or second-hand assets that are less than the threshold of $20,000.

Which business can benefit?

Your business must have a turnover of less than $10 million to take advantage of $20,000 instant asset write-off.

What does it mean for your business?

Using simplified depreciation rules, you can:

  • instantly claim the business portion of most depreciating assets that cost less than $20,000 in your tax return for the relevant income year
  • only claim a deduction for the portion of the asset used for business or other taxable purposes and not for the portion for private use.

Assets of more than $20,000 can be put into a small business asset pool where you can claim gradual amounts each year.

More information

Talk to someone about your particular circumstances:

  • contact a registered tax agent
  • talk to your accountant
  • discuss with your business advisor

Visit the Australian Taxation Office (ATO) website page about the

Instant asset write-off or call the ATO on 13 28 66.

This story was first published in The Fence magazine.

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