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The ability for small business entities to claim an immediate deduction for assets costing less than $20,000 has been extended for another 12 months until 30 June 2019 (includes second hand goods).
From 1 July 2019, the immediate deduction threshold will reduce back to $1,000.
There are no limits to the number of times you can use the immediate deduction assuming your cashflow supports the purchases.
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Registered for GST:
The cost of the asset needs to be less than $20,000 after the GST credits subtracted.
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Not Registered for GST:
The cost of the assets needs to be less than $20,000, inclusive of GST.
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- Horticultural plants
- Capital works (building construction costs etc.)
- Assets leased to another party on a depreciating asset lease
If you purchase assets costing $20,000 or more, the immediate deduction does not apply but small businesses have the ability to allocate the purchase to a pool and depreciate the pool at a rate of 15% in the first year and 30% for each year thereafter.
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