First Home Super Saver Scheme !! Is it Taxed when you withdrawJune 22, 2020
If you’ve purchased or are planning to purchase assets for your business, you may be eligible to claim an immediate deduction under the instant asset write-off expansion.
From 12 March to 30 June 2020 (inclusive), the instant asset write-off threshold for each asset increased to $150,000 (from $30,000).
To get it right, remember:
- check if you’re an eligible business
- both new and second-hand assets can be claimed, provided each asset costs less than $150,000
- assets must be first used or installed ready for use between 12 March and 30 June 2020
- a car limit applies to passenger vehicles. The limit is $57,581 for the 2019–20 income tax year
- if your asset is for business and private use, you can only claim the business portion
- you can claim a deduction for the balance of your small business pool if it’s less than $150,000 at 30 June 2020 (before applying depreciation deductions)
- different eligibility criteria and thresholds apply to assets first used, or installed ready for use, prior to 12 March 2020.