The amendments to the instant asset write-off have been fully legislated, less than a week after some of the changes were announced in the 2019-20 Federal Budget.

The write-off has now been extended to slightly larger businesses, and the limit for the write-off has increased.

Let’s take a look at whowhat and when this concession applies to:

Eligible businesses Aggregated annual turnover Asset write-off limit Time frame
Small Up to $10m $20,000 To 28 January 2019
Small Up to $10m $25,000 29 January 2019 to 2 April 2019*
Small Up to $10m $30,000 2 April 2019* to 30 June 2020
Medium $10m to $50m $30,000 2 April 2019* to 30 June 2020
* 7:30pm legal time in the ACT 2 April 2019


Importantly, “medium businesses” are only able to access the write-offs for assets purchased and first used/installed ready for use from 2 April 2019*. Conversely, “small businesses” only need to have the assets first used/installed ready for use within the above timeframes, and therefore are able to access the write-off for assets already held (held after 7:30pm legal time in the ACT 12 May 2015).

Note that access to small business pools for assets over the write-off limits will remain in place only for “small businesses”.

Learn more

If you would like to discuss how this might apply to your business, please contact your Pilot Advisor or our tax team on (07) 3023 1300.