Confused by the numerous changes to the Instant Asset write-off (IAWO) limits over the last few years - you are not the only ones!  So, we put together this handy cheat sheet.

1. Write-off Assets under $20,000: effective 1 July 2023 onwards, however, there is draft legislation that may be enacted by 30 June 2024 to increase this to  $30,000 - read more here on this possible retrospective legislation.
2. Write-off Assets amount unlimited: effective 6 October 2020 to 30 June 2023 there was a temporary full expensing - read more here
3. Write-off Assets under $150,000: effective 12 March 2020 to 5 October 2020
4. Write-off Assets under $30,000: effective 2 April 2019 to 11 March 2020
5. Write-off Assets under $25,000: effective 29 January 2019 to 1 April 2019
6. Write-off Assets under $20,000: effective 1 July 2016 to 28 January 2019 

Remember this is a business concession - so check the details on the ATO website, there are also particular rules concerning cars as well and many of these rules come into effect at a particular time on the day, so check the full details!

Disclaimer: This information is general in nature, and this is a complex area of law, and you should examine your eligibility for these concessions carefully under the criteria set out in the legislation, so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader or email us at info@primarius.net.au if you require assistance.

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