Instant asset write-off

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

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Instant asset write-off can be used for:

  • multiple assets, if the cost of each individual asset is less than the relevant threshold

  • new and second-hand assets.

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In short, the instant asset write-off allows you to purchase a new asset for your business and write-off the entire purchase price in the same financial year. 

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The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.

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We recommend speaking to your tax advisor to understand the terms and conditions of this Government offer and how the Instant Asset Write-off applies to your business this financial year. 

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