You can immediately claim full depreciation on assets < $30k [April 2019 update]
As part of the Federal government's encouragement for small businesses to invest in their own business, the 2019 budget confirmed an extension to the popular instant asset write off.
In practical terms, businesses with a turnover of up to $50m can immediately claim full (100%) depreciation on asset purchases up to $30,000. This is an increase in scope from the previous limit of $25,000 for business with up to $10m turnover.
While it's a fair incentive we also remind all business owners to not rush out and splash the cash and buy assets that they weren't already thinking about for the business (think cars).
While it's essentially turning an asset into an expense, we also encourage small businesses to properly record the Fixed Asset (so you have a record of it), and then apply the full 100% depreciation