Albany Creek, Queensland, Australia
07 3882 2933

Instant asset write-off

Instant asset write-off increased and extended

The threshold has increased to $30,000, and has been extended to 30 June 2020.

The instant asset write-off now also includes businesses with a turnover from $10 million to less than $50 million. Your business can claim a deduction of up to $30,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

If your business  has a turnover of up to $10 million you can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
  • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
  • $20,000, before 29 January 2019.

You can’t immediately claim a deduction for individual assets that cost $30,000 or more. You can continue to deduct these over time using the small business pool or the general depreciation rules, depending on your turnover.

If you are considering a replacement phone system, networking or digital signage then take advantage of the increased amount and extended time period.

To arrange a quote or simply an obligation-free consultation, please contact us.

For more information visit the ATO website here

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