On 4 April 2019, Treasury Laws Amendment (Increasing the Instant Asset Write-Off for Small Business Entities) Bill 2019 was modified to incorporate the announcements made by the Government in its Federal Budget on Tuesday.
The modified Bill was immediately approved by both houses of parliament and can now be considered law.
Consequently, effective from 2 April 2019, the instant asset write-off has been increased to $30,000 and will apply to asset purchases made by both small business entities (i.e. entities with turnover under $10M) and medium business entities (i.e. entities with turnover between $10M and $50M).
At this stage, the instant asset write-off concession has a sunset date of 30 June 2020 but it is plausible that this date could subsequently be extended in the future.