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Small business: instant asset write off and simplified depreciation |
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 On 2 May 2010, the government announced changes, which will enable small business to write off all depreciable assets where the taxable purpose proportion is less than $5,000 in the income year in which they start to use the asset. This amount was subsequently increased to $6,500 as part of the carbon pricing announcement
On 2 May 2010, the government announced instant asset write off and simplified depreciation changes for small business.
The changes will enable small businesses to write off all depreciable assets where the taxable purpose proportion is less than $5,000 in the income year in which they start to use the asset, or have it installed ready for use.
This amount was subsequently increased to $6,500 as part of the carbon pricing announcements.
It will also allow most other assets to be depreciated in a single pool at a 30% rate. The change will apply from the 2012-13 income year.
For more information refer to the following media releases:
- joint media release No 077 issued on 10 July 2011 by the Treasurer, Minister for Climate Change and Energy Efficiency, and the Minister for Small Business
- joint media release No 028 issued on 2 May 2010 by the Prime Minister with Deputy Prime Minister and Treasurer.
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Basics- Business 
