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Changes to the small business instant asset write-off

On 29 January 2019, the Prime Minister announced that legislation will be introduced to:


  •      extend the small business instant asset write-off by 12 months to 30 June 2020; and
  •      increase the write-off threshold from less than $20,000 to less than $25,000 (effective immediately).

The current threshold of $20,000 has applied since 7.30pm AEST on 12 May 2015 and was due to revert to $1,000 on 1 July 2019.

Under the proposed changes, from 29 January 2019 until 30 June 2020, small businesses with an aggregated annual turnover of less than $10 million may claim an immediate deduction for the business-use portion of each depreciating asset costing less than $25,000.

For more information, please visit https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/in-detail/depreciating-assets/simplified-depreciation—rules-and-calculations/?page=4

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