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Asset Write-off

Terms and Conditions: *Eligible business entities with an aggregated annual turnover of less than $500 million in an income year, may have access to immediately deduct depreciating assets that cost less than $150,000. This applies to assets purchased until 30 June 2020 (inclusive), and that are first used or installed ready for use in that income year. The less than $150,000 threshold applies to each individual item. Businesses can apply the less than $150,000 threshold to as many individual items as they wish. The deduction is limited to the extent to which the asset is used for a taxable purpose. These terms are for general information only and do not constitute taxation or legal advice. Other requirements under the tax law apply. Seek professional tax and/or legal advice to determine whether you are eligible to claim a deduction for any purchases.

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