The immediate deduction is availasble when you start to hold a depreciating asset in an income year and the asset costs $300 or les, and:
- Is used predominantly for the purpose of producing assessable income that is not derived from carrying on a business
- Is not part of a set of assets you start to hold in that year that costs more thant $300 , and
- Is not one of a number identical or substantially identical assets acquired in the same year that together cost more than $300.
Examples of depreciating assets which could be eligible for the immediate deduction are:
- Tools of trade acquired by a tradesman
- A briefcase purchased by a salary and wage earner for their job; and
- Furniture purchased for a rental property.