For Small Business Entities (SBEs) who purchased equipment during the 2017 financial year and will do so in this 2018 financial year, here are a few tips to be aware of:
- Am SBE can access the SBE depreciation concessions and claim an immediate write-off for assets which cost less than $20,000. To claim this, you need to satisfy the following:
- 1. You are a SBE if your aggregated turnover is less than $10 million.
- 2. The asset needs to be either ‘first used’ or ‘installed and ready for use’ for a taxable purpose by 30 June 2018.
- The $20,000 threshold is applied on a GST-exclusive amount. (For example, if the asset is $21,000 inclusive of GST, the GST-exclusive amount will be $19,091, which is below...