You can claim most expenses you incur in running your business as deductions to reduce your assessable income. If you incur an expense that relates to both business and private use of an asset, you can only claim the business portion of those expenses.
Claim an immediate deduction for working or operating expenses you incur for the everyday running of your business (such as office stationery, business telephone/internet, rent of business premises and wages).
For assets that have a longer life – such as tools, furniture, plant and equipment, many businesses can claim an immediate write off for items up to $150,000 cost. There are limits on the instant asset write of motor vehicles.
There are also exclusions of some assets from the instant asset write off.