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Simplified depreciation rules – instant asset write-off

There have been changes to the instant asset write-off.

The instant asset write-off threshold has increased to $30,000 for each asset from 2 April 2019 and the instant asset write-off has been extended to 30 June 2020. The turnover test has also increased from $10m to $50m.

If you are a small to medium business (with a turnover of less than $50 million), you can immediately deduct the business portion of most assets that each cost less than $30,000 (under the instant asset write-off threshold) if they are first used or installed ready for use from 2 April 2019 to 30 June 2020.

However, if you are a small business (with a turnover of less than $10m), and the asset was first used or installed ready for use from 29 January 2019 until 2 April 2019, you can still immediately deduct the business portion of most assets costing less than $25,000 each. Before 29 January 2019 the relevant threshold is $20,000.

Date Asset Purchased Business Turnover Maximum Value of Asset for Instant Write Off
01/07/2018 – 28/01/2019 Less than $10m Less than $20,000
29/01/2019 – 01/04/2019 Less than $10m Less than $25,000
02/04/2019 – 30/06/2020 Less than $50m Less than $30,000

For further information or advice, please contact Silver & Young Chartered Accountants on (02) 9600 7760 or by emailing info@silveryoung.com.au.


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