As part of the Australian government’s measures to support businesses to withstand and recover from the economic impact of COVID-19, the current instant asset write-off scheme has been further increased to $150,000+GST (from 12 March 2020 until 31st December 2020).

100% instant asset write-off applies to an asset with individual purchase price of less than $150,000 excluding GST (increased from $30,000). The scheme has been drastically expanded to include ABN registered businesses with an aggregated turnover of less than $500 million (up from $50 million).

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.

From 1 January 2021 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.

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Note: we recommend you consult your accountant before making any decisions based on the above information.

For additional information, please visit the ATO Website:

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