Are you aware of the low-value asset threshold change?

We want to alert you to a low-value threshold change that comes into effect on 17 March.

Last year the Government passed legislation that temporarily increased the low-value asset threshold from $500 to $5,000. This allowed you to deduct the full cost of business assets with a value of less than $5,000 instead of having to spread the cost over the life of the asset.

This temporary threshold expires on 16 March 2021.

For assets purchased on or after 17 March 2021, the new low-value asset threshold will be $1,000.

Any questions, please get in touch.