If you’ve purchased a business asset and it falls under the Instant Asset Write Off threshold, you can claim the full amount straight away in the year of purchase.
Eligibility
The asset must be used for business.
The cost of the asset must be equal to or under the Instant Asset Write Off threshold (which varies based on legislation).
You must be using the Small Business Pool method.
Steps to use the Instant Asset Write Off:
Go to the Depreciation tab in ole Tank.
Select Small Business Pool as your method, then click Add.
Choose the asset category.
Enter the purchase details.
Set the claim percentage based on business use.
Attach your receipt.
Click Save.
If your asset is under the current Instant Asset Write Off threshold, TaxTank will automatically apply the full deduction in the year of purchase. No manual calculations needed.
💡 Good to know: The threshold applies per asset, so yes — you can write off multiple purchases in one year, as long as each one falls under the limit.