Small business instant asset write-off Bill passes House

The Treasury Laws Amendment (Accelerated Depreciation For Small Business Entities) Bill 2017 has been passed by the House of Representatives and now moves to the Senate.

The Bill extends to 30 June 2018, the availability of an immediate deduction for depreciating assets, amounts included in the second element of a depreciating asset’s cost and general small business pools where the amount is less than $20,000. This $20,000 threshold was otherwise due to revert to $1,000 on 1 July 2017.