IAWO Recordkeeping Checklist Now It's Permanent
Your instant asset write off records checklist just became a permanent fixture in your business’s compliance calendar. On 12 May 2026, Treasurer Jim Chalmers delivered the Federal Budget 2026-27 and made the $20,000 instant asset write-off (IAWO) a permanent feature of the tax system – no more annual extensions, no more June 30 cliffhangers. For Australian small businesses, that is genuinely good news. But the recordkeeping obligations that underpin every IAWO claim are just as permanent as the scheme itself. This guide tells you exactly what to keep, how long to keep it, and how to survive an audit if the ATO ever comes knocking.
Read MorePermanent $20,000 Instant Asset Write-Off Explained
The permanent instant asset write-off 2026 is now law — or at least, it will be once the Budget delivered on 12 May 2026 passes Parliament. The Australian Government confirmed in its 2026-27 Federal Budget that the $20,000 instant asset write-off (IAWO) will be made permanent from 1 July 2026, ending the annual cycle of extensions and sunset clauses that has made planning difficult for small businesses since the scheme was expanded during COVID. If you’ve been using the IAWO for years without thinking much about it, not much will change day-to-day. But if you’ve ever delayed an equipment purchase because you weren’t sure whether the scheme would still exist next financial year, that uncertainty is now gone.
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