What is the $30K Instant Asset Write-Off?
The $30K Write-off is a government led scheme that lets you decrease your taxable income by writing-off the depreciation on work-related asset purchases ‘instantly’, instead of claiming smaller depreciation each year. If you purchase any depreciating business assets (new or second-hand) before June 30, up to a total value of $30,000 per asset, you can claim them on tax this financial year. So you can invest in vital business equipment and claim the depreciation back in one deduction instead of having that money tied up in assets for years. Sounds like a win-win, right?