• Amanda Amey

What you need to know about $150k instant tax write off

Updated: Mar 3

If you're planning to purchase assets for your business (or have already purchased them) you may be eligible to claim an immediate deduction under the instant asset write-off expansion.

From 12 March to 30 June 2020 (inclusive), the instant asset write-off threshold for each asset increased to $150,000 (from $30,000). #covid

BUT, remember to get it right!

  • a car limit applies to passenger vehicles. The limit is $57,581 for the 2019–20 income tax year, so just because you're buying that new Toyota Landcruiser, does NOT mean you can write the whole amount off against your tax.

  • check if you're an eligible business

  • both new and second-hand assets can be claimed, provided each asset costs less than $150,000

  • assets must be first used or installed ready for use between 12 March and 30 June 2020

  • if your asset is for business and private use, you can only claim the business portion

  • you can claim a deduction for the balance of your small business pool if it's less than $150,000 at 30 June 2020 (before applying depreciation deductions)

  • different eligibility criteria and thresholds apply to assets first used, or installed ready for use, prior to 12 March 2020.

Give us a call if you need any assistance with understanding the instant tax write off 0409 715577

This articles intention is to inform rather than advise and is based on legislation at the time. Each Taxpayer’s circumstances vary so we strongly recommend that you discuss this information with your Tax Agent, Accountant or Bas Agent before implementation. If you take, or do not take action as a result of reading this article, we accept no responsibility for any financial loss incurred.


Knowledge is the Key, Let us help you

Accounts and More trades under a separate legal entity and carries out Bas Agent and Bookkeeping services under Amanda Amey Bas Agent Lic. 89917009

MQ Accountants is a separate legal entity and carries out Tax Agent and Accounting services under Nicholas Moon, Tax Agent Lic. 25922767



PO Box 14, Nobby Beach, Qld 4218

Phone : 0409 715577

E. accounts.more@bigpond.com