$20,000 Asset Write-Off

write off

$20,000 Asset Write-Off

Small businesses with an annual turnover of less than $2 million can claim an immediate deduction for assets they start to use or have installed ready for use, provided each depreciable asset costs less than $20,000.

Assets which cost $20,000 or more, and cannot be immediately deducted under other provisions, are deducted over time using the general small business pool. Under the pooling mechanism, a deduction for 15% of the cost is allowed in the first income year, with a diminishing value rate of 30% deduction on the opening pool balance allowed for each income year after.
For GST registered businesses, the $20,000 is calculated on a GST-exclusive basis. The depreciable assets can be brand new or second-hand, purchased in Australia or from overseas. Examples of such assets include cars, office furniture, equipment, artwork, coffee machines, etc. The important thing is that the depreciable assets are purchased and used in the small business.

For more information please see link to ATO ->


Thank you for reading!
Should you have any queries in regards to the above please contact our office on (03) 9728 1448

The TAS Team
3/653 Mountain Highway, Bayswater VIC 3153

Matej Buckovsky (CPA)

Accountant and SMSF Specialist/Registered SMSF Auditor

Matej is a Certified Practising Accountant with over 10 years of combined taxation, auditing, and business advisory experience.



Consultancy (Financial Services, Civil Engineers)



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