Instant Asset Write-Off

About this grant

Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

Eligibility requirements

All of the following criteria must be met:

• Eligible businesses.
• The instant asset write-off can be used for:
• Multiple assets if the cost of each individual asset is less than the relevant threshold
• Eligibility, and the year in which you may use the instant asset write-off to claim an immediate deduction for an asset depends on:
• Of your business and that of any business entities that are your affiliates or connected with you)
• The date you purchased the asset
• When it was first used or installed ready for use
• The cost of the asset being less than the limit.
• Tax deduction on expenditure to improve energy efficiency
• Funding to support zero emissions vehicle (zev) technologies
• Funding for investors in vic early-stage agtech startups

What the funding covers

• An asset write-off of up to $20K.

How to apply

1. 1Confirm readiness: Ensure you meet criteria (e.g., ABN, turnover limits, GST registration), align project objectives with grant goals, and estimate time for evidence gathering and writing.
2. 2Gather evidence: Collect documents like financials, business plans, market research, project budgets, resumes, risk analysis, and support letters to prove capability and impact.
3. 3Register/log in: Obtain an Australian Business Number (ABN) if needed, sign into the relevant portal (e.g., Business Grants Hub portal), and note any prerequisites like advisory service reports.
4. 4Prepare and write application: Address all selection criteria clearly (project details, government alignment, costs, outcomes, benefits); keep concise, factual, and compelling; validate for completeness.
5. 5Review, approve, and submit: Proofread, get stakeholder sign-off, submit online via the portal before deadline (no late entries); expect eligibility check, merit assessment, and outcome notification.
6. 6Visit https://business.gov.au/grants-and-programs/instant-asset-writeoff for application details

Application tips