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Instant asset write-off fails to attract small business

June 12, 2019 / Jotham Lian

A national survey of 1,003 small business owners by H&R Block and Officeworks has found that 84 per cent of respondents are not taking advantage of the expanded instant asset write-off. To compound that, only a quarter of these owners realise that the measure has been increased to the $30,000 threshold and expanded to medium-sized businesses with a turnover of less than $50 million. Speaking to Accountants Daily, H&R Block director of tax communication Mark Chapman said it was imperative that accountants started briefing their clients on the advantages of the measure as well as helping them navigate the three tiers of the write-off.The first tier will be the $20,000 threshold for depreciable assets that are acquired before 29 January 2019; the second being the $25,000 threshold for assets first used or installed between 29 January 2019 and 2 April 2019; and the third tier being the $30,000 threshold for assets first used and installed after the 2 April budget announcement and b...