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ATO Instant Asset Write-Off 2019 -2020

ATO Instant Asset Write-Off-2019 and 2020-West Coast Poly-Tax Time - Updated 12 March 2020

Instant asset write-off for eligible businesses – Changes from 12 March 2020

From 12 March 2020 until 30 June 2020 the ATO Instant Asset Write-Off:

  • threshold amount for each asset is $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).

Note: From 1 July 2020 the ATO Instant Asset Write-Off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.  Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.
Under the instant asset write-off eligible businesses can:

  • immediately write off the cost of each asset that cost less than the threshold
  • claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
  • Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.

The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business’s eligibility and apply the correct threshold amount.

*See the ATO Website for more details.