Are fences an asset on your property? If so, you can apply for assistance
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Overview
The $150,000 Instant Asset Write-Off provides businesses with an asset write-off of up to $150,000 for assets costing less than the instant asset write-off threshold which are purchased and used in the year that the write-off is claimed.
The $150,000 Instant Asset Write-Off provides businesses with an asset write-off. Assets must cost less than the instant asset write-off threshold and be purchased and used in the year that the write-off is claimed.
What do you get?
An asset write-off of up to $150,000.
What are the eligibility criteria?
To be eligible, you must:
- have an aggregated turnover of less than $500 million
Assets must:
- cost less than the instant asset write-off threshold
- be purchased and used in the year the write-off is claimed
How do you apply?
There is no application required. The write-off is applied when you lodge your tax for the relevant year.
What is a a fence and fencing asset?
Fence and fencing asset
The term ‘fence’ has the ordinary meaning. It includes an enclosure or barrier, usually made of metal or wood, around or along a field or paddock.
A fencing asset extends to parts or components of a fence including:
- posts
- rails
- wire
- droppers
- gates
- fittings
- anchor assemblies.
A fencing asset includes a structural improvement, a repair of a capital nature, or an alteration, addition or extension, to a fence.
Find out more about eligibility and how to apply at Instant Asset Write-Off but clicking on the links below
*The information referenced in this article is from the ATO website
