Take advantage of the NEW $30K Instant Asset Write-Off

It’s good news for business owners leading up to tax-time this year, with the government Instant Asset Tax Write-Off increased to $30,000 from $20,000 for assets purchased after 7:30pm (AEDT) 2 April 2019. Assets purchased before this date are still eligible for the scheme for various amounts, outlined in the table below. With the scheme as it currently stands marked to end on the 30 June 2020, it’s a great time to take advantage of the limit increase before the end of this financial year. 

Instant Asset Write-Off Thresholds
Date range Threshold for each asset
7:30pm (AEDT) 02/04/2019 to 30/06/2020 $30,000
29/01/2019 to before 7.30pm (AEDT) 02/04/2019 $25,000
7.30pm (AEST) 12/05/2015 to 28/01/2019 $20,000
01/01/2014 to prior to 7.30pm (AEST) 12/05/2015 $1,000
01/07/2012 to 31/12/2013 $6,500
01/07/2011 to 30/06/2012 $1,000

The Instant Asset Write-Off Scheme allows business owners to write-off individual assets immediately, rather than claim depreciation over the life of the asset each year. Here’s an outline of how you could effectively utilise the scheme:

Not only is the scheme putting money back in small business’ pockets faster, it is also an opportunity for businesses to purchase more growth-driving assets with the knowledge they can claim them in their entirety at once. Chat to your accountant or financial advisor about ways you can utilise the scheme for your business, or apply now to talk business loans with a FundingPro specialist.