The Coalition will extend for a further year the $20k immediate tax deduction available to small businesses (defined as those with a turnover less than $10 mil) on asset purchases.

It was scheduled to end on 30 June 2018, now we have an extra year.

We note that this isn’t a “bonus” deduction. It is purely allowing you a tax deduction now in full for the purchase price, whereas normally it would be deductible over a number of years.

(Our thanks to CAANZ for the image from http://bit.ly/2I3fja