Using the instant asset write-off, you can claim a deduction for each asset that cost less than the $20,000, $25,000 or $30,000 threshold that applied when the asset was first used or installed ready for use.
Below are the thresholds to apply depending on date of first use or installed ready for use:
$30,000 from 7.30pm AEDT on 2 April 2019
$25,000 from 29 January 2019 until before 7.30pm AEDT on 2 April 2019
$20,000 before 29 January 2019.
You can only claim the business portion of the expense.
Assets that cost more than the relevant threshold can't be immediately deducted. You can deduct them by using the small business asset pool. This claims depreciation at 15% for the year of purchase and then 30% for each year after. Once the small business asset pool is below the relevant threshold (as listed above) at the end of a financial year prior to any depreciation deduction, you will have the choice to write of the balance of the pool within that tax year.
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