Instant asset write-off for eligible small businesses

Small businesses with an aggregated annual turnover of less than $10 million may be able to deduct the full cost of eligible new and second-hand assets under $20,000 as part of the instant asset write-off.

Eligible assets must have been used or installed ready for use between 1 July 2023 and 30 June 2024. The $20,000 threshold will apply on a per asset basis, so you can instantly write off multiple assets.

The usual rules for claiming deductions still apply. You can only claim the business portion of the expense and make sure you have records to prove it.