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  • Instant asset write-off increased and extended

    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 purchased and first used or installed ready for use up to $30,000 each from 7.30pm (AEDT) on 2 April 2019 to 30 June 2020.

    Businesses may purchase and claim a deduction for multiple assets each under the $30,000 threshold. For example in the same financial year a business may purchase a new van worth $22,000 and then purchase new equipment 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 over $30,000 the general depreciation rules apply.

    Small businesses (turnover up to $10 million) are also eligible for the instant asset write off of $30,000 for assets purchased from 7.30pm (AEDT) 2 April 2019 to 30 June 2020. For purchases prior to this date different thresholds apply for small businesses.

    For more information:

    Last modified: 21 May 2019QC 58975