Are you eligible for a tax write-off?

When the federal government announced an extension of the instant tax write-off until 2018 small business owners rejoiced. Small Business Minister Michael McCormack said that the government is ‘backing’ small businesses by extending the popular scheme, which was first introduced in the 2015 federal budget and allows businesses an immediate tax write-off for assets that cost less than $20,000.

So, how do you know when you can write off an asset?