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Low-value assets temporary threshold of $5,000

Did you know 🤔 the low-value asset threshold has increased temporarily from $500 to $5,000? If you have purchased, or are planning to purchase any fixed assets between the dates 17 March 2020 and 16 March 2021, that are $5,000 or less, you can expense them in full in the period they were purchased. The threshold was increased by the Government to encourage businesses to invest during the Covid-outbreak, but is also a welcome tax break for small businesses 👍

From 17 March 2021, the threshold will be increased permanently to $1,000 👏
I will be sure to deduct my new office equipment purchased online during lockdown 😅.
If you have any questions, you are welcome to get in contact.
#smallbusiness #smallbusinessaccounting