The Backing Business Investment Measure

Business purchasing assets costing more than $150,000 will be able to claim:

1. Deduction of 50% of the cost or opening adjustable value of an eligible asset on installation.
2. If you are using the simplified depreciation rules, you can claim 57.5% of the cost of the asset in the first year you add the asset in the small business pool.

To be eligible

1. Business aggregated turnover below $500 million.
2. Must be a new depreciating asset and not previously held by another entity (other than as trading stock) acquired and first used or installed ready for business use between 12 March 2020 and 30 June 2021.
3. Must not have already applied other depreciation deductions or the instant asset write off.