With the increase in the Small Business Entity turnover threshold from an Aggregated Turnover of $2 million to an Aggregated Turnover of $10 million from 1 July 2016, more taxpayers were able to access the Small Business Instant Asset Write-off.

From 12 May 2015 the Small Business Instant Asset Write-off was available for purchases of Depreciating Assets with a cost of $20,000 by a Small Business Entity (carrying on a business with an Aggregated Turnover of less than $2 million or $10 million from 1 July 2016) which has elected to use the Simplified Depreciation Rules.

On 29 January 2019 the Instant Asset Write-off threshold was increased to $25,000.

In addition, on 20 April 2019 the Instant Asset Write-off threshold was further increased to $30,000 and applied to Depreciating Assets purchased and first used or installed ready for use between 20 April 2019 and 30 June 2020 (before the Instant Asset Write-off threshold is expected to reduce back to its original threshold of $1,000).

Note that when extending the threshold for the Instant Asset Write-off on 20 April 2019 to $30,000, it was also expanded to include entities carrying on a business with an Aggregated Turnover from $10 million to less than $50 million. This means that from 20 April 2019 the Instant Asset Write-off is available for entities carrying on a business that have not elected to use the Simplified Depreciation Rules (either because they elected not to use the Simplified Depreciation Rules, or they do not qualify as they have an Aggregated Turnover over $10 million).