After some delays, the Government has officially passed legislation to increase the instant asset write-off threshold to $20,000 for the 2024–25 financial year.
This means if you run a small business with an annual turnover of less than $10 million, you may be able to claim an immediate tax deduction for any eligible asset (like equipment, tools, or machinery) that costs less than $20,000 (excluding GST) and is first used or installed by 30 June 2025.
This can be a great tax-saving opportunity, but the rules can be tricky. If you’re thinking about buying an asset before the end of the financial year to take advantage of this, talk to us first to make sure you’re eligible and avoid any unexpected issues.
Keep in mind: unless new legislation is passed, the threshold is set to drop back to just $1,000 from 1 July 2025.
Need advice on whether your purchase qualifies? Contact Fortis today and let us help you make the most of your tax opportunities.
