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Many people are asking: can I write-off my assets immediately, without depreciation? The answer is; it depends when you purchased the asset. For the last two financial years, we have enjoyed a generous write-off threshold of $6,500.
The Australian Tax Office (ATO) has reduced the asset write-off threshold, to $1,000 effective from the 1st of January 2014 for most taxpayers.
New legislation expands accelerated depreciation for small businesses by temporarily increasing the threshold to allow small business with aggregate annual turnover of less than $2 million to claim an immediate deduction for each depreciable asset that cost less than $20,000. This applies from 7.30pm (AEST) 12 May 2015 and ceases on 30 June 2017.
According to the ATO media release on the 9th of September 2014; those taxpayers who have lodged their 2013 - 2014 financial year tax return, under the previous law should now, seek amendments to reduce their depreciation claim.
| Period | Immediate write off for assets |
| 2011-2012 Financial Year | Assets under $1,000 |
| 2012-2013 Financial Year | Assets under $6,500 |
| 2013 Calendar Year | Assets under $6,500 |
| 2014 Calendar Year | Assets Under $1,000 |
| 2014-2015 Financial Year | Assets under $1,000 |
| from 12 May 2015 7:30 pm | Assets under $20,000 |
For more information; please follow this links:
- Instant asset write-off and simplified depreciation
- Finance Minister Media Release (Hon. J. B. Hockey) from 9 September 2014
- ATO Media Release from 9 September 2014
Or contact your financial advisor.
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