An instant asset write-off allows small business owners to claim full deduction on a purchased asset up to the value of $30,000 in the year it is purchased and first used or installed ready to be used. This rule applies to new and second-hand assets. The thresholds have changed over the last few years, as indicated in the list below:

Asset purchase date rangeThreshold for each asset
03-Apr-2019 to 30-Jun-2020$30,000
29-Jan-2019 to 2-Apr-2019$25,000
13-May-2015 to 28-Jan-2019 $20,000
01-Jan-2014 to 12-May-2015$ 1,000
01-Jul-2012 to 31-Dec-2013$ 6,500
01-Jul-2011 to 30-Jun-2012$ 1,000

Example of commonly used assets in small business are motor vehicles, machinery, tools and office equipment. If an asset costs more than the instant write-off threshold, small business can use the general depreciation rules. Follow the below link below for more details.—capital-allowances/

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