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Instant Tax Write-Off

9th April, 2019

Update May / June 2019

Instant Asset Write-Off Increased to $30k

The continuation and expansion of the small business instant asset tax write-off, that allows the cost of a newly acquired asset to be expenses instantly (rather than depreciated) for tax purposes.
Not only is the threshold for the asset value planned to go from $25,000 to $30,000, but business with a turnover of up to $50 million could now benefit (up from $10 million).
That’s good news for small businesses themselves, but also for their suppliers – the likes of Harvey Norman, Officeworks and a plethora of other office equipment retailer should gain from the move. In addition, the extra $5,000 will bring more vehicles under the cap, making it a potential boon for retailers of cars, utes and vans.

  • Available from 3 April 2019
  • Increased to $30,000. The threshold applies on a per-asset basis. That means you can instantly write-off multiple assets.
  • Instant Write-Off. No need to keep depreciation schedules for these assets.
  • Write-off Multiple Assets. Remember, the threshold applies on a per-asset basis. That means you can instantly write-off multiple assets.
  • Extended until 30 June 2020. Subject to federal budget approval, due for May.