If you’re a small business owner, now may be a good time to review any equipment, technology or business asset purchases you have been considering.
Eligible businesses with an aggregated turnover of less than $10 million may be able to claim an immediate tax deduction for eligible assets costing less than $20,000 each, provided the asset is first used or installed ready for use by 30 June 2026. The $20,000 threshold applies on a per-asset basis, meaning multiple eligible assets can be claimed.
Examples of eligible assets may include:
- Computers and laptops
- Office furniture
- Tools and equipment
- Business machinery
- Certain commercial vehicles
A common mistake is assuming that ordering an asset before 30 June is enough. The asset must be installed and ready for business use by 30 June 2026 to qualify for the deduction.
Before making any purchases, it is important to ensure they align with your business needs and overall tax planning strategy.
Contact PTAS to discuss whether the Instant Asset Write-Off is suitable for your business before the end of the financial year.
Disclaimer: Tax laws are subject to change. This information is general in nature and does not constitute personal tax advice.