The Government has passed legislation that temporarily increased the low-value asset threshold for depreciation from $500 to $5,000. This arrangement formed part of the government support package during the COVID-19 pandemic.
The low-value threshold was raised further to allow the immediate expensing of assets purchased on or after 17 March 2020 that cost less than $5,000.
This low-value threshold raise is only in place until 16 March 2021.
For assets purchased on or after 17 March 2021, the threshold will be $1,000.
