The government has announced a new initiative to ease compliance and improve cash flow by temporarily increasing the instant asset write-off threshold to $20,000. From 1 July 2023 till 30 June 2024, small businesses with an aggregated turnover of less than $10 million will be able to immediately deduct the full cost of eligible assets costing less than $20,000. This threshold applies on a per asset basis, allowing small businesses to write off multiple assets quickly and easily. If your business is eligible, you can claim an immediate deduction for the business portion of the cost of any asset installed and ready to use between 1 July 2023 and 30 June 2024. This initiative applies to new as well as second-hand assets, so you can take advantage of it for multiple purchases.
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