Home – New Forums Money matters Tax Deductible for start up business Reply To: Tax Deductible for start up business

#1172919
LukeBrown
Member
  • Total posts: 13
Up
0
::

I’m afraid you’ve just missed the boat (or the car) on this one!

Last year you would have been able to use the accelerated depreciation policy and could write off the whole $5k in that year.

This year the ruling has changed and you can only instantly write off new assets that cost < $1,000. For anything more than $1,000 then you need to add it to your asset pool and depreciate it over a number of years (15% in first year and 30% per year in the following years). Here’s the ATO link…
https://www.ato.gov.au/General/New-legislation/In-detail/Other-topics/Repeal-of-MRRT-and-related-measures/Accelerated-initial-deduction-for-motor-vehicles/