A reminder to all businesses that the temporary legislation to increase the low-value asset threshold from $500.00 to $5,000.00 will be in place until 16th March 2021.
For assets purchased after this date, the threshold permanently increases from $500.00 to $1000.00.
This threshold means that for business assets purchased under this threshold, you can deduct the asset’s full cost within the purchase year, compared to having to spread the cost over the assets lifetime.
The above includes IT equipment, which will generally fall under $5000.00 for 2 workstation setups.
