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  • Tony Carroll

The end of the Financial year (EOFY) is getting close

Updated: Jul 10

Before 30.6.2020 Businesses with a turnover of less than $500 million may be eligible to write off asset purchases after 11.3.2020 of up to $150,000 per asset net of GST.*

Now’s the time to start thinking about EOFY things your business needs. But remember that whatever you buy has to be used or installed before midnight on 30 June 2020 to get the benefit.

New computer hardware purchases and software such as SYSPRO ERP would now be eligible as it is usually excluded as over the previous threshold.

*The above information is general only and does not constitute taxation or legal advice. There are other requirements under the tax law that will apply. Remember to seek advice from a qualified professional to ensure you make the most of all relevant tax deductions. You can get more information from the ATO at https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/

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