If you are 18 years or older and a permanent resident of Australia all you'll need is a
If you are a small business owner, under the instant asset write-off you can immediately write off new or second-hand assets purchased for your business that cost less than the relevant threshold amount.
New Changes from 12 March 2020 From 12 March 2020 until 30 June 2020 the instant asset write-off:
You can claim a deduction for each asset first used or installed ready for use, less than the following thresholds:
From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.
You may purchase and claim a deduction for multiple assets provided each asset costs less than the relevant threshold. Examples of assets include:
For more information please visit the Australian Taxation Office website or seek professional advice to determine eligibility.