Z&Co. Accountants

06/03/2026

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14/05/2025

$20,000 instant asset write-off for 2024-25

The instant asset write-off (IAWO) $20,000 limit for the 2024-25 income year is now law. Eligible businesses with an aggregated annual turnover of less than $10 million may be able to deduct the business portion of the cost of eligible assets which cost less than $20,000.

Eligible assets can be new or second-hand and must be first used or installed ready for use for a taxable purpose between 1 July 2024 and 30 June 2025. The $20,000 limit applies on a per asset basis, so you can instantly write off multiple assets.

The usual rules for claiming deductions still apply. You can only claim the business portion of the expense and you need to make sure you have records to prove it.

For more information about the instant asset write-off, including eligibility criteria, visit

Work out if your business can use the instant asset write-off to claim a deduction for the cost of an asset.