ATO – What attracts our audit attention
To help you taxpayers get things right, you should consider the behaviours, characteristics and tax issues t
This tax time, small businesses with a turnover of less than $10 million can write off assets costing less than $20,000 each in their 2016-17 return. All simplified deprecation rules will apply to assets when choosing this method.
To use simplified depreciation rules correctly you must:
The $20,000 write-off threshold now applies until 30 June 2018.