Under instant asset write-off eligible businesses can:
immediately write off the cost of each asset that cost less than the threshold
claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and ensure you apply the correct threshold amount.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
threshold is $150,000 (up from $30,000)
eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).
Under instant asset write-off eligible businesses can:
immediately write off the cost of each asset that cost less than the threshold
claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and ensure you apply the correct threshold amount.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
threshold is $150,000 (up from $30,000)
eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).
Under instant asset write-off eligible businesses can:
immediately write off the cost of each asset that cost less than the threshold
claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and ensure you apply the correct threshold amount.
Changes from 12 March 2020
From 12 March 2020 until 30 June 2020 the instant asset write-off:
threshold is $150,000 (up from $30,000)
eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).
*This is general advice only – please consult your financial advisor or tax professional for eligibility and further details. Information provided by the ATO.
*This is general advice only – please consult your financial advisor or tax professional for eligibility and further details. Information provided by the ATO.
*This is general advice only – please consult your financial advisor or tax professional for eligibility and further details. Information provided by the ATO.
