The instant asset write-off now also includes businesses with an aggregated of less than $500 million (up from $50 million).

These businesses can claim a deduction of up to $150,000 for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 12 March 2020 to 30 June 2020.

Note:  For eligible businesses with an aggregated turnover from $10 million to less than $500 million, the $150,000 threshold applies for assets purchased from 7:30PM (AEDT) on 2 April 2019 but not first used or installed ready for use until 12 March 2020 to 30 June 2020.

Eligibility to use instant asset write-off depends on:

• your aggregated turnover (the total ordinary income of your business and that of any associated businesses).

• the date your purchased the asset

• when the asset was first used or installed ready for use

• the cost of each asset being less than the threshold


From 1 July 2020, the instant asset write-off will only be available for small businesses with an aggregated turnover of less than $10 million and the threshold will be $1,000.

For more information about small business tax deductions, click here.