Tax instant asset write-off

There have been changes to the instant asset write-off.

https://www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business/

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.