• Article Rating
  •  Average 3.5 out of 5
  • $30,000 instant asset write-off

    21 May 2019

    Thinking of purchasing assets for your business?

    The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.

    If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.

    Different thresholds apply for assets purchased before that date:

    • from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000
    • before 29 January 2019, the threshold is $20,000.

    You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.

    Assets that cost $30,000 each or more can't be immediately deducted. You can continue to deduct them over time using the small business pool.

    From 2 April 2019, the instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.

    Remember, registered tax agents can help you with your tax.

    Find out about:

  • Rate this article
  •  Average 3.5 out of 5