The $20,000 allowable threshold for an instant asset depreciation has been recently extended to 30 June 2019. What does this mean?
If your business buys an asset which costs less than $20,000, you can write off the business portion in your tax return for the relevant income year. (Or more accurately, your accountant will do this on your behalf).
You are eligible to claim an immediate deduction for the business portion of each asset (new or second hand) costing less than $20,000 if:
Your business had a turnover less than $10 million (from 2016 onward), and
The asset was first used or installed ready for use in the income year you are claiming it in.
If the asset is $20K or over, then it will continue to be deducted over time using the general small business pool.