Great news for small businesses with an annual turnover of less than $10 million! The instant tax write-off of eligible assets costing up to $20,000 is now available through to 30 June 2019.

This means that these small businesses can claim the business portion of the assets purchased and used this year as a tax deduction in their 2019 tax return.

The tax office states that from 1 July 2019 the threshold will reduce to $1,000.