$30,000 Instant Asset Write-Off

Officially, the $30,000 instant asset write-off has been passed by both houses of parliament on 4 April 2019.

This means that from 7:30pm AEDT 2 April 2019 to 30 June 2020, assets purchased less than $30,000 will be entitled for an immediate write-off.

The instant asset write-off means that a small business can claim a complete deduction for assets costing less than the threshold. In the past, assets of this size needed to be written off over a number of years under depreciation rules.

There have been a number of changes for assets first used or installed ready for use during the 2018/19 income year.

The threshold for immediate deduction is as follows:

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