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.
A business loan can provide the working capital needed to cover short-term expenses like wages, rent, supplier invoices, or utility bills, without disrupting day-to-day operations.
Large format retail (LFR) continues to stand out as an investment class across Australia's commercial market, with strong yields compared to other assets
Businesses across Australia are shifting from rapid warehouse expansion to strategic consolidation as they face rising real estate costs and normalising e-commerce demand in 2025.
Estate planning isn’t just for the wealthy or elderly—it’s for anyone who wants peace of mind that their hard-earned assets will be passed on the way they intend. Yet, it remains one of the most overlooked areas of financial management.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
