The Budget announced that small businesses (aggregate annual turnover less than $2m) would be able to immediately write off assets they start to use or install ready for use, provided the asset costs less than $20,000.
Date of effect: This will apply for assets acquired and installed ready for use between 12 May 2015 and 30 June 2017.
It should be remembered that the threshold applies on a per asset basis, so several assets each costing up to $20,000 would qualify for the write-off if installed ready for use before 30 June 2017.
Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed in the small business simplified depreciated at 15% in the first income year and 30% each income year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period.