Eligibility
- Your business must have an aggregated annual turnover of less than $10 million1
- Applies to eligible assets first used or installed ready for use between 1 July 2023 and 30 June 20241
Deduction Limit
- You can instantly write off eligible assets costing less than $20,000 per asset1
- Multiple assets can be instantly written off under the $20,000 threshold1
- Assets costing $20,000 or more can be placed into the general small business pool and depreciated at 15% in the first income year and 30% each following income year1
Eligible Assets
- Applies to both new and second-hand assets1
- Some exclusions and limits may apply1
- You can also write off the first cost of improvements incurred between 1 July 2023 and 30 June 2024 under $20,000 to qualifying assets written off in a previous tax year1
Additional Deductions
- You may be eligible for a bonus deduction under the small business energy incentive for the same assets in the 2023-24 income year1
- You may also be eligible for a bonus deduction for expenditure incurred for providing training to your employees under the small business skills and training boost1
Record Keeping
- Keep good records to help you or your tax professional work out your claim and be able to show the ATO if required1
- You can only claim the business portion of the expense and must have records to prove it1