Asset Write Off
Understanding Non-Assessable Non-Exempt (NANE) Income Through Disaster Grants The recent spate of extreme weather events during the summer in various parts of Australia has presented unprecedented challenges for small businesses. As a result, the pressing concerns they face may not necessarily revolve around their tax obligations. However, amidst these trying times, it is crucial for …
$20,000 Asset Write-Off Small businesses with an annual turnover of less than $2 million can claim an immediate deduction for assets they start to use or have installed ready for use, provided each depreciable asset costs less than $20,000. Assets which cost $20,000 or more, and cannot be immediately deducted under other provisions, are deducted …