Small business: instant asset write off and simplified depreciation
This measure received royal assent on 29 March 2012
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 also allows for most other assets to be depreciated in a single pool at a 30% rate. The change applies from the 2012-13 income year.