Tax tips by industry: what you can claim

Did you know the Federal government's $20,000 instant asset write-off has been extended until 30 June 2019? 

No matter what industry you're in, if your business has an annual turnover of up to $10 million, you can claim an immediate tax write-off for capital purchases costing less than $20,000 per item, whether you’re a sole trader, company, partnership or trust.

If you can avoid invoicing customers until 1 July, you can defer the tax on the sale until next financial year.

Make sure your records are complete and accurate to make tax time quicker and less stressful.

Find out how you can get the most out of the $20,000 instant asset write-off. 

As for what you can claim, we’ve broken it down by industry.

What you can claim with the $20,000 tax break this EOFY

Mark Chapman

Mark Chapman is Director of Tax Communications for H&R Block Australia. He has been a tax adviser specialising in advice for individuals and small businesses for over 20 years, in both the UK and Australia. Mark is a Chartered Accountant, CPA and Chartered Tax Adviser and holds a Masters of Tax Law from University of New South Wales. To find out more about how H&R Block can assist your small business, visit www.hr.block.com.au

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