Instant Asset Write-Off - Simpler Depreciation Rules

Small businesses can immediately deduct the business portion of most assets if they cost less than $20,000 and were purchased between 7:30pm 12 May 2015 and 30 June 2017.

This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. The deduction is claimed through a tax return, in the year the asset was first used or installed ready for use.

From 1 July 2017, the threshold will return to $1,000.