TAX TIME: Deduct more from this year's tax.
TAX TIME: Deduct more from this year's tax.

How to claim up to $20,000 on tax

WANT a tax break?

If you buy an asset before the next financial year, you can immediately make a deduction in your 2017 tax return.

As the end of the financial year approaches, The Australian Tax Office has reminded business owners they can make the claim on assets worth less than $20,000.

The cuts only apply to businesses with a turnover of $10 million, which has been increased from a previous eligibility cut off of $2 million.

The asset must have been used for the first time during the 2016-2017 financial year.

Assets that cost $20,000 or more can't be immediately deducted, the ATO says.

They will continue to be deducted over time using a small business asset pool.

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. Under the existing laws, the threshold reduces to $1,000 from July 1 2017.

Consult a professional for advice if you're unsure.


Exciting tourism campaign to highlight Western Downs locals

Premium Content Exciting tourism campaign to highlight Western Downs locals

A new strategy has been launched by council to draw visitors to the Western Downs...

GROW UP DION: Man runs from police during drunken encounter

Premium Content GROW UP DION: Man runs from police during drunken encounter

A man found himself running away from police through the streets of Dalby after...

Supermarket warning: Fruit, veggie prices soar 30%

Premium Content Supermarket warning: Fruit, veggie prices soar 30%

Fruit and vegetable prices to soar as farm labour crisis bites