ALERT: LOW VALUE ASSETS – TIME IS TICKING
When Covid hit, the Government increased the value of assets which can be written off to $5,000. It was designed to get people spending and help keep the economy moving.
But! The limit is dropping back to $1,000 from 16 March 2021.
So, if you’re planning on buying a new (cheap) asset you’re best to do so before 16 March so you can claim it in full this financial year.
Don’t fret though – if you purchase after this date then you can still claim it. It just needs to be spread over a couple of years.
But, if you want the immediate tax advantage, buy before 16 March if possible.
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