EOFY Instant Asset Write-Off
The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.
If you have a business with an annual turnover of less than $50 million and purchase and install, or have purchased and installed, LED lights and/or a solar PV system and/or a battery storage system costing less than $30,000 GST exclusive each, at any time from 2 April 2019 and before 1 July 2019, you can claim an immediate deduction for the business portion.
If you haven’t already and are thinking of upgrading your old inefficient halogen or fluorescent lights to LED and/or installing a solar PV system and/or a battery storage system to reduce your electricity costs, call us today on 1300 740 784.
How does it work?
Install LED or solar to the value of less than $30,000 GST exclusive before 1 July 2019 and claim the full amount on your FY19 tax return.
Get a potential cash flow benefit of $8,550 (28.5% tax saving) PLUS $6,000 in electricity savings in your first year! That’s a total payback of $14,550 in FY20!
Be quick if you want to take advantage of these EOFY business benefits.
Call 1300 740 784.
For any financial questions or advice, please speak to your registered tax agent.
T’s & C’s apply.
Please note, you may be eligible to get funding for these projects with $0 upfront.