As a pre-election promise, the ALP announced the extension of the $20,000 instant asset write-off for small businesses by 12 months, this proposed measure may come into effect in their next term. This measure will allow small businesses that choose to deduct depreciating assets under the simplified depreciation rules (Subdiv 328-D of ITAA 1997) to […]
17
May
May
As part of the 2024 Federal Budget, the Federal government has announced a one year extension to the increase in the instant asset write-off threshold to $20,000. With the temporary threshold increase announced (yet to be legislated) in the 2023 Federal Budget due to expire on 30 June 2024, this extension means small businesses can […]
23
May
May
As part of the 2023–24 Federal Budget, the instant asset write-off has been reintroduced by the federal government. Small businesses with aggregated annual turnover of less than $10 million will be able to immediately write-off eligible assets.