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.

These businesses 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.

Businesses with a turnover of up to $10 million 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

In working out the amount you can claim, you must subtract any private use proportion.

The balance (that is the proportion used in earning assessable income) is generally the taxable purpose proportion. While only the taxable purpose proportion is deductible, the entire cost of the asset must be less than the threshold.

Information taken from from the ATO website.

Example: Immediate write-off

On 29 May 2019 Fiona buys a new Lotus Laser Blu100 for $22,000+gst that she uses 100% of the time for business purposes.

Fiona calculates her instant asset write-off as 100% (the business use proportion) of $22,000+gst so she claims the entire cost.




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