# ATO: $30,000 instant asset write-off



## Jack Malarkey (Jan 11, 2016)

From the Australian Taxation Office's Small Business Newsroom:

*$30,000 instant asset write-off*








*21 May 2019*

Thinking of purchasing assets for your business?

The instant asset write-off threshold has been increased to $30,000 and extended to 30 June 2020.

If you purchase an asset (new or second hand) costing less than $30,000 and it is used or installed ready for use from 7:30pm AEDT on 2 April 2019, you can claim a deduction for the business portion.

Different thresholds apply for assets purchased before that date:

from 29 January 2019 until before 7.30pm AEDT on 2 April 2019, the threshold is $25,000


before 29 January 2019, the threshold is $20,000.
You may purchase and claim a deduction for multiple assets provided each asset is under the relevant threshold.

Assets that cost $30,000 each or more can't be immediately deducted. You can continue to deduct them over time using the small business pool.

The instant asset write-off has also been expanded to include businesses with a turnover from $10 million to less than $50 million.

Remember, registered tax agents can help you with your tax.

*Find out about:*

What's new for small business
Simpler depreciation for small business
(https://www.ato.gov.au/Newsroom/sma...0,000-instant-asset-write-off/?sbnews20190529)


----------

