Small business instant asset write-off

Small business instant asset write-off reintroduced:

The temporary full expensing (TFE) incentive ended on 30 June 2023, the federal government has announced the reintroduction of the small business instant asset write-off. These initiatives were introduced during Covid-19 to assist businesses.

From 1 July 2023, small businesses with aggregated annual turnover of less than $10 million will be able to immediately deduct the full cost of eligible assets that cost $20,000 or less. There are eligible criteria regarding the assets that qualify for this immediate write off.

Eligible assets must be first used or installed ready for use between 1 July 2023 and 30 June 2024, and the write-off applies on a per asset basis.

Source: www.ato.gov.au and cch ifirm (https://www.wolterskluwer.com)