Extension of $20,000 immediate asset write-off 

The $20,000 instant asset write-off for businesses with an aggregated annual turnover of less than $10m will be extended by 12 months to 30 June 2018. Software will continue to be excluded from these measures.

Depreciating assets valued at $20,000 or more can continue to be placed into the general small business pool. Existing pools can also be immediately deducted if the balance is less than $20,000.

Unless further legislated changes are made, the immediate deductibility threshold for assets and pool balances will revert back to $1,000 from 1 July 2018.


Restriction on accessing Small Business CGT Concessions

From 1 July 2017, access to the Small Business CGT Concessions will be tightened to deny eligibility for assets which are unrelated to a small business.  This is unlikely to have any broad impact on most taxpayers.

The eligibility thresholds will remain unchanged and the concessions will continue to be available to small business taxpayers with aggregated turnover of less than $2m or net assets of less than $6m.