Good news from the ATO for the 2024–25 income year! The $20,000 instant asset write-off is available.
If your business turns over less than $10 million annually and uses simplified depreciation, you can immediately deduct the business portion of eligible assets costing under $20,000.
This applies to new and second-hand assets first used or installed ready for use between 1 July 2024 and 30 June 2025. Even certain improvements to existing assets can qualify.
We know keeping up with ATO changes whilst managing daily tasks can be a real challenge for busy business owners like you. It’s easy to miss out when you’re an expert in your own industry, not instant asset write-offs.
You can even claim improvements on previously written-off assets under this scheme, provided the cost is under $20,000. As always, good record-keeping is crucial to substantiate your claims.
Our team is here to support you and your business in many different ways, give us a call on 1800 668 225 or reply to this email by clicking here to ask us any questions.
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