There have been changes to the instant asset write-off.
From 12 March 2020, the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- allows businesses until 30 June 2021 to first use or install the asset ready for use, provided the asset is purchased by 31 December 2020
- eligibility was expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
To find out more about how instant asset write-off works and the thresholds, refer to Instant asset write-off for eligible businesses.