Business Tax Tips: Take advantage of the $20,000 instant asset write off now!

In May 2015 the Federal Government increased the instant asset write off thresholds for small businesses from $1,000 to $20,000. This has been extended to the end of the 2017-2018 financial year, finishing on the 30th of June 2018.

The end of the financial year is almost here which means the next week may be the last opportunity to take advantage of this generous tax break. While there was a proposal in the latest federal budget to extend this incentive until 30 June 2019, this change is not legally approved yet.

With annual tax audits being completed at the end of each financial year, it’s important to get your accounting done properly and avoid any sticky situations with the tax man. This year, the ATO is randomly auditing taxpayers claiming work related deductions.