Home featured Accounting Featured Small Business Accounting $30k Asset Write-Off up for grabs for next month: is your business eligible? Loren Webb May 23, 2019 With the end of financial year fast approaching, small and medium-sized businesses are being reminded they could be eligible for an instant asset write-off of up to $30,000. The Federal Government boosted the threshold on the Instant Asset Write-off Scheme last month, in a move designed to stimulate growth for small and medium-sized business. The program is for businesses with an annual turnover of up to $50 million (up from $10 million previously), and it can be used multiple times for multiple assets. Asset Finance Broker Robert Perks says by taking advantage of the scheme before June 30 this year, businesses can invest in equipment they need now and claim the full purchase price as an immediate deduction this financial year. “The scheme allows business owners to immediately write off depreciable assets that cost the business less than $30,000 plus GST,” said Mr Perks. “Owners can further invest in their businesses, for example if they’re in need of a new work vehicle, machinery, IT equipment, tools, even office furniture or air conditioners,” he said. Mr Perks said many businesses were unaware of the initiative so urged them to look into it. “It’s for new or second-hand assets ‘first used or installed, ready to use’ between April 3rd, 2019 and June 30, 2020,” said Mr Perks. “If businesses are thinking of making a purchase, they ought