In March 2020 the government announced as part of their government assistance package, a temporary increase to the low-value asset threshold for depreciation, from $500 to $5,000 excl GST which enabled business owners to immediately expense the full costs of capital expenditure up to the $5,000 limit.
This increase only applies until the 16th of March 2021. If you have any upcoming capital expenditure planned that costs up to $5,000, we recommend that you purchase this sooner rather than later, definitely no later than the 16th of March.
From the 17th of March, the threshold will drop to $1000. Capital expenditure of up to $5000, do it before 16th March to ensure you can claim the full reduction in 2021.