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  • $30,000 instant asset write-off

    Looking to expand or improve your business and thinking of buying new or second hand assets?

    Businesses with a turnover from $10 million to less than $50 million are now eligible for the instant asset write-off. This applies to assets that cost less than $30,000 and were purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.

    Businesses may purchase and claim a deduction for each asset that cost less than the $30,000 threshold. For example, in the same financial year a business may purchase a new van worth $22,000 and then purchase a trailer at a cost of $14,000. The business can claim both of these as each of the assets are under the $30,000 threshold.

    For assets costing $30,000 or more the general depreciation rules apply.

    If your business has a turnover of less than $10 million you can claim a deduction for each asset that cost less than the threshold that applied when the asset was first used or installed ready for use. Different thresholds apply, so make sure you check which threshold applies to each asset.

    See also:

    Last modified: 02 Oct 2019QC 60084