Has your business taken advantage of the Federal government's accelerated depreciation changes in the last year? If not then you had better hurry because the ability to instantly write off any business expense up to $20,000 ends 30 June 2017.
From 12 May 2015 to 30 June 2017, if your business’s annual turnover is less than 2 million, you can now immediately write off any business expense up to $20,000. Assets costing more than $20,000 can be placed into a small business simplified depreciation pool where they will depreciate at 15% in the first year and 30% in each following year until the balance is less than $20,000 at which time it can also be immediately deducted. This rule will revert back from 1 July 2017.
We recommend to all our business clients to take advantage of the accelerated depreciation changes before the new tax year.