Last year due to covid, and the resulting economic hit, there was a change to the low-value asset threshold for depreciation from $500 to $5000. Meaning you could deduct the full cost of an asset with a value less than $5000 in the year you purchased it – rather than spreading it across the life of the asset.
The increase ends on 16th of March 2021
For assets purchased on or after 17 March 2021, this threshold will be permanently increased from $500 to $1,000.
So if you are considering purchasing equipment, or other assets for your business and the purchase cost will be between $1,000 and $5,000, then you should seriously consider making the purchase before 16 March 2021.
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