If you are entitled to a GST input tax credit in relation to the asset, the cost is reduced by the input tax credit before determining whether the cost is $300 or less.
If you hold an asset jointly with others and the cost of your interest in the asset is $300 or less, then you can claim the immediate deduction even though the depreciating asset in which you have an interest costs more than $300 - see Jointly held depreciating assets.
Example: Cost is $300 or less - ignoring any GST impact
John, Margaret and Neil jointly own a rental property in the proportions of 50%, 25% and 25%. Based on their respective interests, they contribute $400, $200 and $200 to acquire a new refrigerator for the rental property. Margaret and Neil can claim an immediate deduction because the cost of their interest in the refrigerator does not exceed $300. John cannot claim an immediate deduction because the cost of his interest is more than $300.End of example