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  • $30,000 instant asset write-off

    26 September 2019

    Thinking of buying assets for your business?

    Using the instant asset write-off, 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 one applies to your asset:

    • $30,000 from 7.30pm AEDT on 2 April 2019
    • $25,000 from 29 January 2019 until before 7.30pm AEDT on 2 April 2019
    • $20,000 before 29 January 2019.

    On your tax return, claim your instant asset write-off deduction under 'Small business entity simplified depreciation'.

    The usual rules for claiming deductions still apply. You can only claim the business portion of the expense, and make sure you have records to prove it.

    Assets that cost more than the relevant threshold can't be immediately deducted. You can deduct them over time using the small business pool.

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

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

    Find out about:

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