Small Business Tax Deductions
*1. The treasurer announced in the 2015 Budget that small businesses with aggregate annual turnover of less than $2 million will immediately be able to deduct assets they start to use or install ready for use, provided the assets cost less than $20,000. This will apply for assets acquired or installed ready for use until 30 June 2017. The $20,000 limit applies to each individual item.
Small businesses can apply this $20,000 rule to as many individual items as they wish.
You should seek professional advice to determine whether you are able to claim a deduction for such purchases.
For more information visit the Australian Tax Office.