Instant asset write-off increased and extended
Let your business clients know about changes to the instant asset write-off.
The threshold has increased to $30,000, and has been extended to 30 June 2020.
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can
claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and
first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first
used or installed ready for use, up to the following thresholds:
$30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
$25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
$20,000, before 29 January 2019.
Your business clients can't immediately claim a deduction for individual assets that cost $30,000 or more. They
can continue to deduct these over time using the small business pool or the general depreciation rules, depending
on their turnover.
January 2019 marked 25 years that Jules has been working here at DMA!
Dianne celebrated 25 years in business!
Starting out with little more than a desk, computer and a telephone in a small office in Scott Street Dianne Marchment remembers her first day in business well. “In all honesty I remember just hoping someone would walk through the door”. Lucky for her they did.
Fast forward 25 years and Dianne Marchment & Associates are still located in the same office in Scott Street and now employ 9 staff, both full time and part time.
Her longest standing staff member is also her first, her sister Julianne who used to come in to the office after school and share the only computer, brand new technology at the time, a far cry from the way things are done today. “When I first started, we had to ring the tax office or write a letter for any and all questions, now everything is online” Dianne said.
With more than three decades experience as registered Tax Agent and a fellow of the institute of public accountants, Dianne acknowledges she owes a large part of her success to the support of her clients, staff, family and friends.
In 2008, on the occasion of 15 Years in business, Dianne said “there are some people who watch it happen and some who make it happen” She stands by these words and is dedicated to helping others, particularly the younger generation, to see Warracknabeal as an opportunity for success.
In an industry like accounting new challenges are always being created and Dianne and the team are always ready to respond. “I think the key is to see the way things are going and react to it before it becomes a problem” Dianne explains.
“By far the biggest change to the tax system during my time in business was the introduction of GST in the year 2000” “It forced people to become more organised with their record keeping. You could no longer put all your receipts into a shoe box and present it to your accountant at tax time”
So what’s next for Dianne? “I’m looking forward to celebrating 30 years”, she says with a laugh. “Even after 25 years I still enjoy coming to work. And while I enjoy it I will keep coming in every day”.