Benefit of instant tax write off for the following financial year?

Discussion in 'Business Accounting, Tax & Legal' started by alicudi, 5th May, 2019.

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  1. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi all

    If I purchase an asset for $20,000 today for business use in a pty ltd that I just registered last week, and will only be making a very small profit this financial year somewhere between $500 to $3,000, can the benefit of the instant tax write off from the $20,000 asset purchased this week be be used in the following financial year?

    Kind regards,

    alicudi
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,256
    Location:
    Australia
    Losses can be carried forward.
     
    Terry_w likes this.
  3. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Thanks for that.