Instant Asset Write Off changes announced in Budget 2019 are now law

The measure announced in the 2019 Federal Budget to give medium-sized businesses (turnover greater than $10M but less than $50M) the ability to immediately deduct the cost of assets costing less than $30,000 is now law. The new Act also increases the current threshold for the instant asset write off for small businesses (turnover less than $10M) from $25,000 to $30,000.

There have been a couple of changes to the instant asset write off this financial year so here is a quick snapshot of the changes that have occurred:

Date assets purchasedBusiness TurnoverInstant Asset Write Off
1/7/2018 – 28/1/2019Less than $10MLess than $20,000
29/1/2019 – 1/4/2019Less than $10MLess than $25,000
2/4/2019 – 30/6/2020Less than $50MLess than $30,000


It is important to note that it is the date the asset is installed and ready for use in your business that determines the date that the instant asset write off applies. Also, the cost of the asset includes all costs involved in getting the asset ready for use, such as installation and delivery costs.

For assets that exceed the thresholds outlined above and cannot be instantly written off:

  • Small businesses (turnover less than $10M) can use the small business pool and claim a 15% deduction in the first year and 30% each year after;
  • Medium businesses (turnover greater than $10M but less than $50M) must use the general depreciation rules.


Allan Hall named finalist in numerous firm-wide categories, including the Australian Accounting Awards 2019

Allan Hall Business Advisors continues to impress with individual, network and firm-wide awards and accolades, with our latest nomination as finalists in 6 categories of the Australian Accounting Awards 2019, Women in Finance Awards and HR Manager of the Year. For further details and a full list of our recent awards, click below.

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