Financial year tax tips for SMEs $ 20,000 asset write – off

​It was one of the key parts of the $5.5 billion small business package included in this year’s budget and according to Theo Sakell, tax partner at pitcher partners, the $20,000 asset write off scheme is “the big one ” when it comes to minimizing your tax bill before June 30. The schemes, which allows businesses to immediately write-off the full value of the asset, can be used multiple times and effectively reduces the amount of tax a business will pay for an asset faster. Sakell reminds small business owners the scheme applies to all asset acquired after May 21, so it’s worth checking if anything you have  purchased since budget night will fall under the scheme. The legislation for this budget measure has been voted on and approved by both houses of the federal parliament and so small businesses can proceed well assured with this scheme.