Asset write-offs for small businesses

The $30,000 Instant Asset Write-Off provides small businesses with an asset write-off. Assets must cost less than the instant asset write-off threshold and be purchased and used in the year that the write-off is claimed.

Overview

The $30,000 Instant Asset Write-Off provides small businesses with an asset write-off of up to $30,000 for assets costing less than the instant asset write-off threshold which are purchased and used in the year that the write-off is claimed.

What are the eligibility criteria?

To be eligible, you must:

• be a small business as recognised by the ATO

To find out how small businesses are defined, visit Small Business Entity Concessions – Eligibility.

Assets must:

• cost less than the instant asset write-off threshold
• be purchased and used in the year the write-off is claimed

Find out more at Instant Asset Write-Off.

How do you apply?

There is no application required. The write-off is applied when you lodge your tax for the relevant year.

Find out more at Instant Asset Write-Off.