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Instant tax write off

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I'm new

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In respect of the current SME instant tax write off, is the value of a solar generation system deemed to be inclusive or exclusive of the STC credit value?  Example, a 25kW system will cost our business $24,000.00, but the value before the STC discount is applied is $36,000.00.  Is the STC amount included in the "cost of depreiable assett?

Tim

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Hi @ilbnsw,

 

Welcome to our Community!

 

When it comes to the eligibility to claim an instant asset write-off for your business, the cost of the asset includes both the amount you paid for it and any additional amounts spent on transporting and installing it ready for use. The cost also includes amounts you spent on improving the asset. You’ll need to keep records that demonstrate how much each asset costs in order to claim the deductions – find out more about managing your small business records.

 

If you have further questions about claiming the instant asset write-off you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

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Taxicorn

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Did you get the discount at the time of purchase?

In other words did you pay $24,000 or pay $36,000 and then received a $12,000 rebate?

 

 

 

Most helpful response

ATO Certified Response

Community Support

Replies 0

Hi @ilbnsw,

 

Welcome to our Community!

 

When it comes to the eligibility to claim an instant asset write-off for your business, the cost of the asset includes both the amount you paid for it and any additional amounts spent on transporting and installing it ready for use. The cost also includes amounts you spent on improving the asset. You’ll need to keep records that demonstrate how much each asset costs in order to claim the deductions – find out more about managing your small business records.

 

If you have further questions about claiming the instant asset write-off you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.