Changes to the instant asset write-off rules have now become law, including measures recently announced in the government’s Federal Budget.

Instant asset write-off with Budget changes now law
The write-off has been extended to medium sized businesses (with aggregated turnover of less than $50 million), where it previously only applied to small business entities (with aggregated annual turnover of less than $10 million).

The second important change is that the instant asset write-off threshold increases to $30,000, where it was previously $25,000.

The changes apply from 2 April 2019 to 30 June 2020, and the write-off works on a per-asset basis, so eligible businesses can instantly write off multiple assets.

Source ATO

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