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$30,000 instant asset write-off

Looking at purchasing assets for your business?

The instant asset write-off threshold has been increased to $30,000.

If you purchase a new or secondhand asset costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.

Different thresholds apply for assets purchased before that date:

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

You may purchase multiple assets and claim a deduction provided each asset is under the relevant threshold.

Assets that cost $30,000 each or more can not be immediately deducted.

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

Remember, your tax agent can help you with your tax.