Businesses with an turnover of less than $500m can write-off most business assets costing up to $150,000 each until 31st December 2020. Passenger vehicles have a separate write off limit of $59,136. Assets costing more than $150,000 must be placed into the small business pool or depreciated under the general depreciation rules. If you sell or otherwise dispose of an asset for which you have claimed the immediate write-off you must include the proceeds in your assessable income in the year of disposal. Assets which are not eligible for the immediate write-off include leased assets, horticultural plants and capital works including buildings and structural improvements.
