Under the 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.
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.
It cannot be used for assets that are excluded from the simplified depreciation rules.
The instant asset write-off eligibility criteria and threshold have changed over time. This depends on when the asset was purchased, first used, or installed ready for use.
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.
It cannot be used for assets that are excluded from the simplified depreciation rules.
The instant asset write-off eligibility criteria and threshold have changed over time. This depends on when the asset was purchased, first used, or installed ready for use.
Claire Chang