If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently expanded.

From 12 March to 30 June 2020 inclusive, the instant asset write threshold for each asset increased to $150,000 (up from $30,000) for business entities with aggregated annual turnover of less than $500 million (up from $50 million).

To get it right, remember:

• Check if your business is eligible
• Both new and secondhand assets can be claimed, as long as each asset costs less than $150,000
• Assets must be first used or installed ready for use between 12 March and 30 June 2020

• A car limit applies for passenger vehicles
• If the asset is for business and private use, only the business portion can be claimed
• You can claim a deduction for the balance of a small business pool if its value is less than $150,000 at 30 June 2020 (before applying depreciation deductions)
• Different eligibility criteria and thresholds apply to assets first used or installed ready for use before 12 March 2020