ATO $20K INSTANT ASSET WRITE-OFF
TAKE ADVANTAGE OF ATO $20K INSTANT ASSET WRITE-OFF
As the financial year end approaches, we want to remind you of the valuable $20,000 Instant Asset Write-Off offered by the Australian Taxation Office (ATO). This incentive allows businesses to immediately deduct the cost of eligible assets costing less than $20,000, reducing your taxable income and boosting your cash flow.
Key Points
Key Points
Eligible Assets: New and second-hand assets costing less than $20,000
Applies To: Businesses with an aggregated turnover of less than $10 million.
- The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.
Deadline: Small businesses will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2025.
Don’t miss out on this opportunity to enhance your business while maximizing your tax deductions.