Addendum to 2019/20 Federal Budget Release

On 4 April 2019, Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was modified to incorporate the announcements made by the Government in its Federal Budget on Tuesday.

The modified Bill was immediately approved by both houses of parliament and can now be considered law.

Consequently, effective from 2 April 2019, the instant asset write-off has been increased to $30,000 and will apply to asset purchases made by both small business entities (i.e. entities with turnover under $10M) and medium business entities (i.e. entities with turnover between $10M and $50M).

At this stage, the instant asset write-off concession has a sunset date of 30 June 2020 but it is plausible that this date could subsequently be extended in the future.

If you have any further questions, please do not hesitate to contact Tim Olynyk on (03) 9810 0700 or at t.olynyk@banksgroup.com.au.

Talk to us…

Banks Group is an association of independent firms that operate in Melbourne, Sydney, Perth and Auckland under the same trading name. Neither the Melbourne Banks Group, Sydney Banks Group, Perth Banks Group or Auckland Banks Group are partners or agents of each other and shall not be liable for any act or omission of each other. Liability limited by a scheme approved under Professional Standards Legislation

MAG_WEB

All services are provided as a Corporate Authorised Representative of Magnitude Group Pty Ltd (ABN 54 086 266202, AFSL 221557).

Count_WEB

Financial Planning Services provided as an authorised representative of Count Financial Limited ABN 19 001 974 625 Australian Financial Services Licence Holder Number 227232 a wholly-owned, non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124. Count is a Professional Partner of the Financial Planning Association of Australia Limited. Count advisers are authorised representatives of Count. www.count.com.au

"Please note that any taxation and accounting services are not endorsed nor the responsibility of Count Financial Limited".