Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
If you buy an asset before 1 July 2017 and it costs less than $20,000, you can immediately deduct the business portion in your 2017 tax return.
You are eligible to claim a deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
- you have a turnover less than $10 million (this has increased from $2 million), and
- the asset was first used or installed ready for use in the 2016-17 income year.
Assets that cost $20,000 or more can’t be immediately deducted. They will continue to be deducted over time using a small business asset pool. You can write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
In the Budget 2017, the government announced an extension of the $20,000 instant asset write-off threshold to 30 June 2018. This extension still needs to be passed in parliament – the threshold currently reduces to $1,000 from 1 July 2017.
