The instant asset write-off has been increased and extended

Businesses with a turnover of up to $10 million can claim the full cost of the asset as a deduction up to the following thresholds and periods:

The new instant asset write-off threshold has been raised to $30,000 and has also been extended to include asset acquisitions prior to 30 June 2020. Further to these changes, businesses with a turnover between $10 and $50 million can access the write-off for the purchase of new or second hand assets purchased and installed fit for use from 7.30pm on 2 April 2019 up until 30 June 2020.

  • $30,000 from 7.30pm 2 April up until 30 June 2020
  • $25,000 from 29 January 2019 up until prior to 7.30pm on 2 April 2019
  • $20,000 prior to 29 January 2019

Asset acquisitions in excess of the thresholds need to be depreciated and expenses claimed over a period of time using the small business pool or the general depreciation rules dependent upon turnover. Note that the threshold applies to the total cost of acquiring the asset and having the asset installed and ready for usage for the purpose it was acquired.