Instant Tax Write-Off Calculator

Instant tax write-off, also known as instant asset write-off, is a government initiative that allows businesses to claim an immediate deduction for the cost of eligible assets in the year they are first used or installed ready for use.

How to Use This Calculator

1. Enter the cost of the asset.
2. Enter the date of purchase.
3. Click ‘Calculate’.

Formula & Methodology

The instant asset write-off is calculated as a percentage of the asset’s cost. The current rate is 100%, meaning you can claim the full cost of the asset in the year it was purchased.

Real-World Examples

Data & Statistics

Comparison of Instant Asset Write-Off Thresholds

Year	Threshold ($)
2020	30,000
2021	40,000
2022	50,000

Comparison of Instant Asset Write-Off Rates

Year	Rate (%)
2020	50
2021	50
2022	100

Expert Tips

• Ensure the asset is used for business purposes.
• Keep records of all purchases.
• Consult with a tax professional for advice tailored to your situation.

Interactive FAQ

What assets are eligible for instant tax write-off?

Eligible assets include new and second-hand assets, but not private use assets.

Can I claim instant asset write-off on second-hand assets?

Yes, second-hand assets are eligible.

For more information, see the ATO’s guide to instant asset write-off.