Instant Asset Write-Off

As part of the Australian Government COVID-19 stimulus measures, the Instant Asset Write-Off threshold amount was increased to $150,000 BUT from July 1, this will be dropping to $1000. That is a HUGE difference so if you’re going to take advantage of it - now is the time. Read on for more.

*Updated 9 June 2020 - just announced, extended until 31 December 2020.

What is it??

If your business is eligible, you 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.

What can it be used for?

  • Multiple assets as long as the cost of each individual asset is less than the relevant threshold

  • New and secondhand assets.

Who is eligible?

To find out if you’re eligible - check out the ATO criteria here.