Unlock the full impact of the $30k instant asset write-off
Updated: May 15, 2020
Changes to the instant asset write-off. The threshold has increased to $30,000, and has been extended to 30 June 2020.
The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 2 April 2019 until 30 June 2020. Assets include vehicles, tools, office equipment and much more!
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
$30,000, from 2 April 2019 until 30 June 2020
$25,000, from 29 January 2019 until 2 April 2019
$20,000, before 29 January 2019
Your business can't immediately claim a deduction for individual assets that cost $30,000 or more. You can continue to deduct these over time using the small business pool or the general depreciation rules, depending on your turnover.
For more information about the instant asset write-off scheme, visit the ATO website