The Australian Taxation Office increased the instant asset write-off threshold from $1,000 to $20,000 on 12 May, 2015. 
This means that any asset purchased for less than $20,000 GST Exclusive will be immediately deductible (rather than deducting for several years over its useful life). 
This includes both new and second hand assets.

Assets that cost $20,000 GST Exclusive or more cannot be immediately deducted; they will be deducted over time using the small business pool. 
The changes apply for assets acquired after 7:30pm on 12 May, 2015 until 30 June, 2017. 
After 30 June, 2017 you will only be able to claim an immediate deduction for assets purchased for less than $1,000 GST Exclusive.

If your business is eligible and was thinking about utilising this incentive we recommend that you do so before 30 June, 2017.
Please note that certain assets are excluded from these deprecation rules such as horticultural plants, in-house software and capital works.

In order to be eligible for the instant asset write-off you must meet the definition of a small business entity, which is one with an aggregated turnover less than $2 million. 
Aggregated turnover is the sum of your annual ordinary income and the annual ordinary income of any entity connected or affiliated with you for the income year.

If you are unsure whether your business and potential purchases would qualify then contact us so that we can review your situation and provide some clarity around these matters.