"Up to 16 March 2020 Customers could claim an immediate tax deduction for assets costing less than $500,
instead of claiming depreciation over the following years.
17 March 2020 to 16 March 2021 Threshold increases temporarily to $5,000"
Quite Happy with this! Been looking at another Fender Strat...been trying a few expensive new ones, and really hard to find anything even close to sounding as good as my Roadworn bitser...quite frustrating. Any of you guys taking advantage of this?
Low Value Asset limit raised to $5k this Tax Year - Whatcha Gonna Get?
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JohnG
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GrantB
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Re: Low Value Asset limit raised to $5k this Tax Year - Whatcha Gonna Get?
Thought this was spam at first!!
"Man is the most insane species. He worships an invisible god and destroys a visible nature. Unaware that this nature he's destroying is this god he's worshipping." - Hubert Reeves
Re: Low Value Asset limit raised to $5k this Tax Year - Whatcha Gonna Get?
Ha! Wasn't sure how many Guys on here gig as a secondary income and get hit with a painful tax bill every year. I try and buy more gear so I can depreciate off my tax..(well that's my GAS excuse...) This threshold increase means I will probably get a decent refund next year...
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rickenbackerkid
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Re: Low Value Asset limit raised to $5k this Tax Year - Whatcha Gonna Get?
I hadn't heard about this, but I'm SOOOO stoke. Have spent a few K to set my business up to live stream events and had to buy a new PA, so this is a godsend
