Open NowBusiness
Instant Asset Write-Off
Australian Government · Australia
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The page describes an asset write-off of up to $20,000 for eligible business assets.
Funding
Up to $20K
Deadline
Rolling / Ongoing
Location
Australia
Who Can Apply
• Must be an eligible business
• Eligibility depends on your aggregated turnover
• Eligibility depends on the date you purchased the asset
• Eligibility depends on when the asset was first used or installed ready for use
• The cost of the asset must be less than the applicable limit
• Can apply to multiple assets if each individual asset is below the threshold
• Can apply to new and second-hand assets
Eligible businesses may claim the instant asset write-off where eligibility depends on the business's aggregated turnover, the date the asset was purchased, when it was first used or installed ready for use, and the asset cost being less than the applicable limit. The write-off can apply to multiple assets and to both new and second-hand assets.
What's Funded
Purchasing business assets, including multiple new or second-hand assets, where each individual asset costs less than the relevant threshold and is first used or installed ready for use in the relevant income year.Expected Outcomes
Immediate tax deduction for eligible business asset purchases and reduced taxable income in the year the asset is first used or installed ready for use.Key Information
Applicant Types
companysole_traderpartnershiptrustother
Stage
any
Funding Purposes
capital_expenditure
Keywords
instant asset write-offasset write-offtax deductionbusiness assetscapital expenditureequipmentdepreciationsmall business
Frequently Asked Questions
1
What is the Instant Asset Write-Off?
The Instant Asset Write-Off is a business grant offered by Australian Government in Australia, providing Up to $20K in funding. Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use. The page describes an asset write-off of up to $20,000 for eligible business assets.
2
How much funding does the Instant Asset Write-Off provide?
The Instant Asset Write-Off provides Up to $20K in funding.
3
Who is eligible for the Instant Asset Write-Off?
- Must be an eligible business
- Eligibility depends on your aggregated turnover
- Eligibility depends on the date you purchased the asset
- Eligibility depends on when the asset was first used or installed ready for use
- The cost of the asset must be less than the applicable limit
- Can apply to multiple assets if each individual asset is below the threshold
- Can apply to new and second-hand assets
4
What activities are funded?
Purchasing business assets, including multiple new or second-hand assets, where each individual asset costs less than the relevant threshold and is first used or installed ready for use in the relevant income year.
5
How do I apply for the Instant Asset Write-Off?
Start by checking your eligibility using the free Beta Docs eligibility checker. If eligible, Beta Docs' AI-powered platform can help you draft, review, and refine your application to maximise your chances of success.
Need help applying?
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