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The instant asset write-off was expanded in March to support businesses through coronavirus (COVID-19). From 12 March 2020 until 31 December 2020, the instant asset write-off:

  • threshold for each asset increased to $150,000 (up from $30,000)
  • eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million)

What can I claim as an immediate deduction?

Businesses can claim an immediate deduction (business portion only) for multiple assets, new or second hand, provided each asset costs less than $150,000. Assets must be first used or installed ready for use between 12 March 2020 and 31 December 2020 to claim the expanded threshold.

Some exclusions and limits apply, for example, a car limit of $57,581 applies to passenger vehicles (except motor cycles or similar vehicles) designed to carry less than one tonne and fewer than nine passengers.

Small businesses (aggregated turnover of less than $10 million) can also claim a deduction for the balance of their small business pool if it is less than $150,000 at the end of the 2019-20 financial year (before applying the depreciation deductions).

Find out more information about the instant asset write-off, including eligibility criteria and the different thresholds