From 12 March 2020 until 31 December 2020 the instant asset write off :

  • threshold amount for each asset is $150,000 (up from $30,000)
  • eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

Please note that the car limit applies to the cost of passenger vehicle. The car limit for 2020-2021 year is $59,136. You cannot claim/write off the excess cost over this car limit.