2021 instant asset write off

Ah, the 2021 Instant Asset Write-Off—Australia's tax sweetheart for businesses wanting to splash out and write off assets in a single financial year. In 2021, eligible businesses could immediately deduct the full cost of new or second-hand assets costing less than $150,000. This generous threshold was a sweetener to stimulate spending during the pandemic downturn.

It applied to businesses with an aggregated turnover of less than $500 million. Assets had to be installed ready for use by June 30, 2021, so procrastinators missed the party. For the nitty-gritty and the latest updates, the Australian Taxation Office is your best mate.