The government has extended the concession for small businesses with an aggregated annual turnover of less than $10 million until 30th June 2018 for this incentive.

This means that small businesses we be able to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed ready for use by 30 June 2018.

Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year thereafter. The pool balance can also be immediately deducted if the balance is less than $20,000 over this period.

From 1st July 2018, the immediate destructibility threshold and the balance at which the pool can be immediately deducted will revert back to $1,000.