Instant Asset Write Off Explained 150k Tax Deductions 2021

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=y2R3eJPsdF8

The Australian Taxation Office (ATO) introduced the Instant Asset Write-Off scheme at the 2015 budget. Since then, it has been updated, changed and extended to different thresholds and deadlines. This video summaries all the changes as well as outlining the 2021 Temporary Full Expensing Scheme. • Under the Temporary Full Expensing rules, businesses may immediately deduct the business portion of the cost of eligible new depreciation assets. • 5 Things You Need to Know: • 1. Businesses must have an aggregated turnover of less than $5 billion. • 2. The asset must be first held and used in the business between 7:30pm AEDT 6 October 2020 to 30 June 2022. • 3. Only the business portion of the depreciable asset may be deducted. • 4. The car cost limit still applies - $59,136 for the 2021 financial year. • 5. You may also claim the temporary full expensing rules for second-hand assets, given your business has an aggregated turnover of $50 million or less. • See more from the ATO here: • Instant Asset Write Off: https://www.ato.gov.au/Business/Depre... • Temporary Full Expensing: https://www.ato.gov.au/Business/Depre... • • Book A Professional Tax Consultation: https://www.sustainableprofits.com.au

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