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June2016

Small businesses can immediately deduct assets costing less than $20,000 purchased since 7.30pm 12 May 2015. The asset deduction is claimed in the income year in which the asset is first used or installed ready for use.

What’s changed?

The instant asset write-off threshold has increased to $20,000 (up from $1,000). This allows an immediate deduction for the business use portion of a depreciating asset that costs less than $20,000. This applies:

  • to assets acquired after 7.30pm on 12 May 2015 until 30 June 2017
  • on a per asset basis, so several assets each costing less than $20,000 would qualify
  • to new and second hand assets

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