Immediate asset write-off bill passes parliament.  The bill to extend the higher threshold for the immediate asset write-off for small businesses has passed both houses of parliament. The bill implements the government’s proposal from the 2018 federal Budget.  Small businesses will be able to immediately write-off assets that cost less than $20,000 if they are purchased and installed before June 30, 2019. From July 1, 2019, the threshold will return to $1000.

The information contained in this publication is based on the understanding KeyInvest (ABN 74 087 649 474 AFSL No. 240667) has of the relevant Australian legislation as at the date shown in this publication.

The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. KeyInvest is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.