Access your income statement
You will receive either an income statement via myGov or a payment summary from your employer depending on how
This tax time, small businesses with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified deprecation rules will apply to assets when choosing this method.
To use simplified depreciation rules correctly you must:
- write off eligible assets costing less than $20,000 each
- pool most other depreciating assets that cost $20,000 or more
- write off the small business pool balance if it is less than $20,000 at the end of an income year
- only claim a deduction for the portion of the asset used for business or other taxable uses.
The $20,000 write-off threshold now applies until 30 June 2018.
