*1. The treasurer announced in the 2017 Budget that small businesses with aggregate annual turnover of less than $20 million will immediately be able to deduct assets they start to use or install ready for use, provided the assets cost less than $20,000. The $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. You should seek professional advice to determine whether you are able to claim a deduction for such purchases.