Changes to write-offs of equipment

Immediate write-off of equipment purchases valued up to $20,000 that will last until the end of June 2017, will now apply to those businesses with revenues up to $10 million as well.

Previously, it was only small businesses with revenues up to $2 million but now it's up to $10 million.

This will mean an additional 100,000 business owners can confidently purchase or upgrade assets that will allow them to grow and to innovate well into the future.

For tradies, items like tools, trailers, computers and even vehicles up to $20,000 in value each, can be written off in the 2017 tax year rather than put on the books as an asset and depreciated over time.

This could result in significant tax deductions in the year those items are bought.

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