For businesses with turnover of less than $10m, the government has announced that it is increasing the small business instant asset write off to $25,000 (for assets purchased after 29 January 2019) and extending the scheme to 30 June 2020. A cap of $20,000 remains for assets purchased before this date.

This means that small businesses that purchase assets costing less than $25,000 can immediately claim a deduction rather that depreciating the asset over the effective life and claiming a part deduction each year.