$20,000 instant asset write-off made permanent from 1 July 2026

Parliament passed the Treasury Laws Amendment (Tax Reform No. 2) Bill 2026 in August 2026, permanently extending the $20,000 instant asset write-off from 1 July 2026. Up to 4.1 million small businesses with aggregated annual turnover under $10 million can immediately deduct eligible assets costing less than $20,000 (per asset), with assets $20,000 or more going into a simplified depreciation pool. Treasury estimates it cuts ongoing small-business compliance costs by about $32 million a year.