Officially, the $30,000 instant asset write-off has been passed by both houses of parliament on 4 April 2019.
This means that from 7:30pm AEDT 2 April 2019 to 30 June 2020, assets purchased less than $30,000 will be entitled for an immediate write-off.
The instant asset write-off means that a small business can claim a complete deduction for assets costing less than the threshold. In the past, assets of this size needed to be written off over a number of years under depreciation rules.
There have been a number of changes for assets first used or installed ready for use during the 2018/19 income year.
The threshold for immediate deduction is as follows:
| Purchase date or date asset first used (or installed ready for use) for a taxable purpose |
Threshold |
| 1 July 2018 to 28 January 2019 |
$20,000 |
| 29 January 2019 to 2 April 2019 (7:30pm AEDT) |
$25,000 |
| 2 April 2019 (7:30pm AEDT) to 30 June 2019 |
$30,000 |
