Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days
prior to the end of the financial year.
Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30
June 2024 can potentially be written-off in the year of purchase. It’s a major cashflow advantage because the tax deduction can be taken in
the year of purchase instead of over a number of years.
To be eligible, the asset must be first used, or installed ready for use, for a taxable purpose between 1 July 2023 and 30 June 2024. For
example, you cannot simply have a receipt for an industrial fridge, it must have been delivered and installed to be able to claim the
write-off in 2024.
The write-off threshold applies per asset, so a small business entity can potentially deduct the full cost of multiple assets across the
2024 year as long as the cost of each asset is less than $20,000. A Bill to extend the instant asset write-off threshold increase to 30 June
2025 is currently before Parliament.
While keeping assets the best option for many, it’s important to ensure that you’re in the best possible position.
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We’ve all seen it: slick social media reels, perfectly filtered property gurus, and bold AI influencers promising fast wealth. But in Australia’s regulated finance and property landscape, chasing that hype can lead to more heartbreak than haul.
This past financial year brought a wave of opportunity—and many super funds delivered, with double-digit growth across key asset classes. The big question: is your fund among the top performers?
