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Under this measure small businesses with an aggregated turnover of less than $10 million, can deduct the following. NB: The second element referred to below generally refers to amounts a small business has paid after the asset was acquired to bring it to its present condition and includes improvements and upgrades to assets. It is best to discuss timing and clarification of any possible ‘second element’ spending and claims with your accountant first.
The $20,000 limit under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets.
Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. In addition, pool balances under $20,000 at the end of 2024-25 income year can be written off.
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