The ATO has also released some brief comments on the Budget measure relating to the increase in the instant asset write-off threshold for small businesses (turnover less than $10m) to $20,000 between 1 July 2023 and 30 June 2024.
While the measure is not yet law, the ATO indicates that the $20,000 threshold will apply on an asset-by-asset basis, which means that multiple assets can be written off in full under these rules during the 2024 income year. Assets which cost $20,000 or more and which don’t qualify for an immediate deduction can be added to the small business general pool, being depreciated at 15% in the first year and 30% in subsequent years.
More information
Small Business Support – $20,000 instant asset write-off
