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 purchased Business Turnover Instant Asset Write Off
1/7/2018 – 28/1/2019 Less than $10M Less than $20,000
29/1/2019 – 1/4/2019 Less than $10M Less than $25,000
2/4/2019 – 30/6/2020 Less than $50M Less 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

Allan Hall Business Advisors continues to impress with individual, network and firm-wide awards and accolades, with our latest nomination as winner of the Client Choice Awards 2020, Women in Finance Awards 2019 and HR Manager of the Year 2019. For further details and a full list of our recent awards, click below.

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Allan Hall Business Advisors is an integral member of Alliott Group, a growing alliance of 170+ accounting and law firms in  across 70+ countries globally. As part of this alliance, we can connect with like-minded members of Alliott Group in other jurisdictions to support and advise our clients who are wishing to explore and develop business opportunities both locally and internationally.