Claim immediate deductions for low-cost depreciating assets

Depreciating assets that cost $300 or less are generally immediately deductible, says Eddie Chung, partner and propertytax specialist with accountants BDO in Brisbane.

Examples of low-cost depreciating assets are small items of furniture and electrical goods.

In order to get an immediate deduction, a depreciating asset should not be one of a set or identical to other assets that you began to hold in the same financial year and together cost more than $300.