Instant write-off for assets over $30,000

From 2nd April 2019, the instant asset write-off threshold increased to $30,000 (prior to this, it was $25,000).

This means that if your business purchases an asset that costs less than $30,000 (net of GST), you can claim an immediate deduction for it, instead of depreciating the asset over it’s useful life.

With the end of financial year approaching, now is a good time to have a think about whether your business needs new assets or replacement of old assets. Consider if the timing is right - look at your business profit - is it higher than expected? If you have extraordinary profit this year, it might be a good idea to utilise this tax concession in order to save your business some tax this year.

More information about the instant asset write-off can be found here.