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$30K Instant Asset Write-Off Reminder

Are you considering buying a new asset for your business? 

Recently the Federal Government increased the instant asset write-off threshold to $30,000 and extended the initiative to 30 June 2020.

So if you purchase a new or second-hand 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 and claim a deduction for multiple assets provided each asset is under the relevant threshold.

Assets that cost $30,000 each or more can’t be immediately deducted. You can continue to deduct them over time using the small business pool.

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.

To learn more about the instant asset write-off visit the ATO website or call PPT on (03) 5331 3711 or (03) 8391 3063.

DISCLAIMER: The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.

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