How to expense as an instant asset write-off?
Hi, I have an expense that cost under the $20,000 threshold and I believe is therefore eligible for instant asset write-off. I can’t see an option to do this? If I select the expense type as...
Forum Discussion
Howdy daveiscool - thanks for the question.
If the purchase is genuinely equipment, I wouldn’t recommend changing the category to something like materials and supplies just to make it flow through as an expense.
Whether something can be treated as an instant asset write-off depends on your full circumstances, not just the purchase amount, so the safest option is to keep the transaction recorded in a way that reflects what it actually is.
Best next step is to check with your accountant or tax adviser on the correct treatment for that asset in your business, because eligibility depends on more than just the amount. Eligible small businesses may be able to use the instant asset write-off for the business portion of eligible assets costing less than $20,000, first used or installed ready for use between 1 July 2025 and 30 June 2026, but exclusions and limits can still apply. If your accountant confirms that treatment is right for your setup, you could set up an expense category called small assets <$20000 and categorise this as such in Solo.
