Unlocking Benefits for Small Businesses: The $20,000 Instant Asset Write-Off
Small businesses are the backbone of our economy, driving innovation and fueling growth. At LINK Advisors, we understand the challenges and opportunities that come with running a small business. That’s why our team of experienced small business accountants in Brisbane is committed to empowering small businesses to thrive in today’s competitive landscape. One invaluable tool at your disposal is the $20,000 instant asset write-off, a government initiative aimed at providing immediate relief and fostering investment in crucial assets.
What is the $20,000 instant asset write-off?
Announced as part of the 2023–24 Budget, this measure is designed to streamline cash flow and alleviate compliance burdens for small businesses. From 1 July 2023 to 30 June 2024, eligible businesses with an aggregated turnover of less than $10 million can deduct the full cost of eligible assets valued at less than $20,000. Whether it’s new equipment or essential tools, this scheme allows you to invest in your business with confidence.
Extension of the instant asset write-off for 2024-25 financial year
We’re thrilled to announce that the instant asset write-off scheme has been extended for the 2024-25 financial year. As revealed in the latest federal budget, businesses with turnovers capped at $10 million can continue to benefit from immediately deducting $20,000 from all eligible assets. While this extension is pending legislative approval, both the government and the opposition are committed to its passage by June 30.
Partnering with LINK Advisors
At LINK Advisors, we don’t just offer accounting services; we’re your dedicated partners in business success. With our expertise, we’ll help you navigate the complexities of the instant asset write-off, as well as other tax breaks applicable to your business, ensuring you operate to your fullest potential. Our Brisbane accountants provide expert guidance and support, ensuring that you maximize the benefits of this valuable opportunity. Call us today to find out how we can help you.
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General advice disclaimer
The information provided on this website is a brief overview and is general in nature. It does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.