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 step through recent research that shows why giving to others can provide us with a mental boost.
As the holiday season approaches, it's crucial to consider how your spending habits may influence especially when it comes to utilising easy credit options.
A budgeting app is an app designed to help you optimise the spending and savings choices you make each month.
We'll dive into some of the everyday mistakes and tricky grouping issues that small businesses often encounter when dealing with payroll tax.
Maintaining control over cash flow is undeniably a complex balancing act. It's a challenge that lacks a quick and universal solution.
This article aims to shed light on red-flag indicators that may suggest it's time to consider changing accountants, providing insights into the reasons behind such a decision.
Prepare Your Business for a Successful New Year - Challenging conditions, unpredictable supply chains, and increasing inflation highlight the importance of expert financial support.
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The journey often begins with businesses adopting simple ownership structures, yet as they progress and expand, intricate challenges emerge.
While any accountant can handle trade-related finances, opting for a specialist in the trades industry offers unique advantages.
Regularly monitoring your income and expenses is crucial. These practices will help keep your financial standing robust.
Several options when it comes to acquiring earthmoving equipment. One of the most common choices is to own the equipment outright.
According to the Australian Institute of Family Studies, more than half of Australian mothers expect their children to graduate from university.
Despite an increase in the region’s office vacancy rate the Gold Coast office market is facing a shortage of office space within the next three years.
Education is the gateway to unlocking opportunities and creating a brighter future. While various methods to establish an education fund, Investment Bonds are frequently contemplated.
Industrial assets are expected to retain their position as a favoured option among the commercial property market due to their strong relative returns.
A proficient financial adviser collaborates with you to understand your goals and overall desired financial and lifestyle outcomes
Despite the 13 interest rate increases in 19 months, your mortgage interest rate could and should still start with a ‘5’.
If you have an investment property loan and redraw on the loan for a different purpose the loan account becomes a mixed purpose account.
A recent case before the AAT demonstrates how fine the dividing line is between GST-free and taxable foods.
When it comes to financing your new car it’s possible to use either a low-doc car loan or a full-doc car loan.
A well-thought-out plan is the first step toward executing a cost-effective renovation.
Treasury has released draft legislation for consultation to enact the Government’s plan to increase tax rate superannuation balances above $3m from 15% to 30% from 1 July 2025.
Australian properties from overseas property seekers have risen 11.5 percent in the past three months. Meanwhile, rent searches are up 7.8 percent from the same demographic.
“Wage-theft” is illegal in Queensland, South Australia and Victoria under State laws.
The statistics on employer superannuation guarantee (SG) compliance look pretty good with over $71 billion, collected without intervention from the regulators in 2020-21.
A bridging loan allows you to acquire your next property before selling your current one, streamlining the transition between homes.
With inflation remaining high, interest rates are likely to stay at elevated levels for some time.
A crucial lesson for all budding startups is that maintaining a healthy cash flow is a pivotal factor in ensuring the long-term survival of your business.
Accountants play a crucial role in providing expertise and guidance to businesses during their startup and initial growth stages.
Aged care financial advice involves addressing a range of complex and unique issues that necessitate careful consideration.
Your credit score is an important factor that all lenders use to decide if they are prepared to lend to you.
As your business grows and evolves, your financial needs change too. Here are five signs that it might be time to consider upgrading to a larger, more specialised accounting firm.
Paying off your home loan reduces your mortgage debt and increases the equity you have in your property.
The Reserve Bank of Australia (RBA) may be nearing the end of its interest rate hiking cycle, but the Australian economy is already feeling the effects.
The recent rate hikes by the Reserve Bank of Australia (RBA) have understandably put borrowers under pressure.
Property investors that choose to utilise their property for short-term stays (or leave it vacant) are firmly in the sights of the regulators.
According to CoreLogic, the jump in prices marks the eighth consecutive month of growth which has also seen values increase 2.2% over the quarter.
Treasury has released draft legislation to enact the Government’s plan to increase the tax rate on superannuation balances above $3m.
Before investing in a new truck or equipment, make sure you understand the fleet requirements of your major clients and any potential future partners.
As your business expands, the need for a specialised and strategic business accountant who can provide ongoing advice and guidance becomes increasingly evident.
The Australian Taxation Office have released a new draft ruling on self-education expenses.
With both domestic and international travel showing improvements, investment levels in hotel assets across the country has increased.
Electricity is the new black. Gas and other fossil fuels are out. A new, limited incentive nudges business towards energy efficiency.
In the wake of COVID-19, Australian offices have undergone a significant shift – and things aren’t likely to change anytime soon.
New listings have risen by 13.2% through the winter season, driven by a 17.9% rise across the capital cities.
| The Fair Work Commission (FWC) has handed down its 2026 Annual Wage Review, and the numbers are in. From 1 July 2026, the national minimum wage will rise by 5.97%, and modern award minimum rates will increase by 4.75%. |
Now's the time to review what strategies you can use to minimise your tax before 30 June.
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