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  • Instant asset write-off increased and extended

    Let your business clients know about changes to the instant asset write-off.

    The threshold has increased to $30,000, and has been extended to 30 June 2020.

    The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. These businesses can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

    Businesses with a turnover of up to $10 million can also claim a deduction for each asset first used or installed ready for use, up to the following thresholds:

    • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
    • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
    • $20,000, before 29 January 2019.

    Your business clients can't immediately claim a deduction for individual assets that cost $30,000 or more. They can continue to deduct these over time using the small business pool or the general depreciation rules, depending on their turnover.

    See also:

    Last modified: 15 Apr 2019QC 58545