$20,000 asset immediate write-off extended for small businesses

The $20,000 instant asset write-off concession allows “small” businesses to immediately deduct the full value of every depreciating asset purchased up to the value of $20,000, instead of claiming the depreciation deductions over a number of years.

A sole trader, partnership, trust or company that is carrying on a business activity with aggregated annual turnover less than $10 million qualifies as a small business.

The Federal Budget 2017 extended this concession to 30 June 2018.

For assets purchased with a value over $20,000 (which cannot be immediately deducted), these can continue to be placed into an asset pool and be depreciated at 15% in the year of acquisition, and 30% for each income year thereafter.

Please contact your Stratogen Accountant to discuss this opportunity on 07 5474 0711.

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Small Business Accounting & Advisory Services

Stratogen consists of a team of expert small business accountants and advisers dedicated to providing you with the highest quality of taxation, accounting and financial management services.

Additional business services include tax minimisation structuring, business valuations and due diligence, business restructuring and audits.  We also provide professional bankruptcy and insolvency advice to Accountants, Financial and Legal Advisers, Corporations and Individuals. Our primary goal is to ensure all parties are treated with respect.

Our accounting firm’s head office is located at Noosa on the QLD Sunshine Coast.  Our expertise is unparalleled and thus we work with clients residing and working in Noosa, Mount Isa, interstate around Australia and internationally.

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