Small Business

UPDATE: $20,000 instant asset write-off extended to 30 June 2019

The instant write-off deduction for assets costing less than $20,000 has been extended to 30 June 2019.

Your business is eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:

  1. you have a turnover less than $10 million, and

  2. the asset was first used or installed ready for use in the income year you are claiming it in.

Any assets costing more than $20,000 will be depreciated using the small business General Pool diminishing value depreciation rates of 15% in the first year and 30% for future years.