Write Off Assets purchased for under $20,000 immediately

Instant asset write-off

Using the simplified depreciation rules, assets costing less than the instant asset write-off threshold are written off in the year they are bought and used, or installed ready-for-use. This applies irrespective of whether the asset is purchased new or second-hand.

The current threshold is $20,000.

You can choose to use the simplified depreciation rules if you have a small business with an aggregated turnover (the total normal income of your business and that of any associated businesses) of less than:

•$10 million from 1 July 2016 onwards
•$2 million for previous income years.

Currently available until 30 June 2018