From 12 March 2020 until 30 June 2020, the instant asset write-off:

  • threshold is $150,000 (up from $30,000)
  • eligibility range covers businesses with an aggregated turnover of less than $500 million (up from $50 million).

Businesses with a turnover of $500 million or more are not eligible to use instant asset write-off.

From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.

Under instant asset write-off eligible businesses can:

  • immediately write off the cost of each asset that costs less than the threshold
  • claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.

Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.

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.

Source – https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/