Changes to Small Business Instant Asset Write-Off for the 2023-2024 Financial Year

Instant Asset write off

The Australian Government has recently announced a reduction in the immediate asset write-off threshold for small businesses. Starting from July 1, 2023, and running through to June 30, 2024, eligible businesses with an annual turnover of less than $10 million will be able to instantly deduct the entire purchase value of assets priced at $20,000 […]

Instant Asset Write Off Opt Out

Recently, the Australian Federal Parliament passed the ‘Treasure Laws Amendment (2020 Measures No. 6) Bill 2020,’ which allows businesses to refuse temporary full expensing and other business incentives. The amendments will be measured on an asset-by-asset basis, so you should talk to your business accountant for more information about your specific business needs. This bill […]