With regard to the instant write off that was introduced recently, in the scenario where I have already considered the aggregated turnover, the date purchased the asset, when it was first used or installed ready for use and the cost of the assets are all eligible for instant write off. However the question is if the asset is eligible for instant write off? This is because the business is Escape Rooms entertainment hence the asset is made up from different parts and pieces to build the escape room. I wish to ask the asset will be consider as eligible asset for instant write off? To me the asset is more like a equipment because it will soon be replaced within a short period because the business nature it requires to change the asset (formed by part and pieces) to create and build a new escape room. Therefore it should be eligible for instant write off.
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Difficult to assess the nature of the parts and pieces without exact details to what they are, but if it's a "consumeable" aka used up during each escape room scenario (eg. you install a panel which needs to be broken by participants to enter the next stage of the escape room, which you need to discard and install a new one), it's not an asset write off, its just a business expense.
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Difficult to assess the nature of the parts and pieces without exact details to what they are, but if it's a "consumeable" aka used up during each escape room scenario (eg. you install a panel which needs to be broken by participants to enter the next stage of the escape room, which you need to discard and install a new one), it's not an asset write off, its just a business expense.