Hi
I have a partnership construction business and both myself and the other partner are buying utes to use solely in the business but we wnat to do this in our own names. Can we claim instant asset write off - is it in our names or the partnership? We do have ABN in our individual names but haven't used them this year, just the new partnership.
Hi @AAA
Business owners or sole traders who meet eligibility may claim instant asset write-off. It is the relevant entity or sole trader purchasing the asset for who it forms the write-off. So if the partnership purchases it they claim. However if the sole trader purchases it then it becomes the sole traders claim or write-off.
Hi @AAA
Business owners or sole traders who meet eligibility may claim instant asset write-off. It is the relevant entity or sole trader purchasing the asset for who it forms the write-off. So if the partnership purchases it they claim. However if the sole trader purchases it then it becomes the sole traders claim or write-off.
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