Tax office warns business against rorts

The Australian Taxation Office has given guidance to small business on how to stick to the rules of the new $20,000 asset write-off.

The tax office has warned businesses hoping to take advantage of the $20,000 instant asset write-off to make sure they keep careful records.

It has published guidance on the budget measure, saying it will work with businesses to make sure they are appropriately claiming the immediate deduction.

Concerns have been raised about the potential for the tax break to be rorted.