Does the government tax benefit of 20,000 prior to 30 June 2019 still exist? What happens if we spend $22-23,000, is it the first $20,000 we can claim or none at all?
I assume you are talking about Small Business Asset Write off - $20K tax deduction is what you are talking about. If so, please note that the thresholds have changed and following is what you need to know:
- Till 28th Jan 2019 the threshold amount is $20K
- From 29th Jan 2019 till 2nd April 2019 (before 7:30 pm AEDT) the new threshold amount is $25K
- From 2nd April 2019 (after 7:30 pm AEDT) till 30th June 2020 it is $30K
Now coming to you question, well if you have spent on single asset under the threshold amount you can claim tax deduction in full but if the single asset is more than the threshold amount that you cannot claim the first $20K deduction and leave rest under standard depreciation rules instead the whole asset (full price) will be subject to general (standard) depreciation rules.
Hope this answers your question.