Instant asset write-off for eligible businesses

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020, the instant asset write-off:

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threshold amount for each asset is $150,000 (up from $30,000)

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eligibility extends to businesses with an aggregated turnover of less than $500 million (up from $50 million).

Instant asset write-off

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. Instant asset write-off can be used for: multiple assets, if the cost of each individual asset is less than the relevant threshold new and second-hand assets.

https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/