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.
We often hear from clients “I often forget to send invoice reminders or statements and invoices are falling through the cracks, can Xero help with this?” Easy, of course it can!
It's time to celebrate! SMART Business Solutions are pleased to share with our clients some exciting news. The Finalists in the Australian Accounting Awards have been announced with the team being successful finalists in the following categories
- Best Marketing (you know we always try to be different!) Shannon was also interviewed http://www.accountantsdaily.com.au/breaking-news/8605-accountants-must-touch-their-clients-12-times-a-year
- Accounting Student - Well done Hayden!
- Office Administrator - Awesome effort Nicole!
- Partner of the Year - Shannon Smit for both Transfer Pricing Solutions & SMART Business Solutions
Quality Matters – Independent review with outstanding results for SMART Business Solutions
Paying an accountant to handle all of your financial reporting can be expensive, but if you have several different sources and deductions or if you own a small business, it can be worth it.
Is your business thriving, but you struggle to maintain positive cash flow?
Don’t let it crumble from underneath you
It’s nearly BAS time again - tips to make BAS processing easier
BAS time seems to come around quicker and quicker! Here are some tips to try and make it a little easier!
With June 30 quickly approaching we are pleased to provide our year end checklists and questionnaires to help you get organised.
Tax planning is more than just a financial necessity—it's a strategic advantage for businesses of all sizes. By proactively managing your tax strategy, you can significantly reduce your liabilities, enhance cash flow, and ensure full compliance with ever-evolving tax regulations.
