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Take advantage of the $20K instant asset write off now!

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.

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Turning over the calendar to July 1 today brings in a raft of changes for small and medium businesses. The long-awaited company tax cut finally comes into effect but there’s also a range of other tax and legal changes you need to be aware of.

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