Simplified depreciation rules – instant asset write-off Posted on June 11, 2019 - 3:01 am by Sliver and Young 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 1300 621 884 or by emailing email@example.com.