Q: I have a small business entity that purchased an asset for $22,000 including GST (net $20,000). The instant asset write-off provisions indicate that you can write off assets less than $20,000 and assets $20,000 or more are capitalised. On this basis, I need to capitalise the asset for $20,000 rather than expense to profit and loss account. Is this your understanding of the legislation?
Leave a Reply