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.
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.
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Spending more money doesn’t necessarily mean you’ll get a better outcome. In many instances, focusing on the basics can make a big impact and make your home more appealing.
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Buyers need to realise that sales agents are there working for the vendor. It’s important that new buyers know how to effectively negotiate with real estate agents.
When purchasing a new car, you’re going to be faced with various financing options for buying the vehicle.
Investment markets have shown a lot of enthusiasm for AI and Chat GPT technology. AI productivity gains could boost economic growth and
share market performance across the world.
A global agreement on halting and reversing biodiversity loss could benefit investors as well as the planet. Here’s what a heightened focus on bio- diversity could mean for your investment portfolio.
1.3 million home loans are expected to move from low fixed rates to high variable rates in 2023 and 2024, with the peak to hit in the second half of this year.
An increasing number of older Australians are starting their own businesses – using their consider- able expertise to create value for their customers and the economy.
The release of resilient economic data and sticky inflation readings indicated that official interest rates might need to be raised further in key regions, or at least remain high for longer than was previously anticipated.
The launch of ChatGPT late last year was greeted with a frenzy of enthusiasm as investors eyed the potential for productivity gains and innovation. We look beneath the hype and consider the implications for your investment portfolio.
Unlike traditional loans, invoice financing offers another way. Borrowing against your invoices means that you can gain access to the money you are owed immediately.
The commercial property market in regional Queensland is experiencing a surge of interest from Melbourne investors, as the state's booming population continues to grow.
What will the Australian community look like in 40 years? We look at the key takeaways from the Intergenerational Report.
As businesses continue trying to woo workers back to the office, demand for high-quality office space continues rising.
A recent case before the Administrative Appeals Tribunal (AAT) is a reminder about the tax impact of the timing of employment income.
The proposed objective of superannuation released in recently released draft legislation is: ‘to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.’
The TikTok tax fraud is extensive and has several layers of impact across the 56,000 taxpayers caught up in it.
Succession is not just a topic for a TV series or billionaire families, it’s about successfully transitioning your business and maximising its capital value.
New guidance from the Australian Taxation Office (ATO) walks through the tax impact of small-scale subdivision projects.
The tax refund many Australians expect has dramatically reduced.
With workers headed back into the office, demand for sublease space is rising – especially in the smaller capital cities.
For motorbike enthusiasts who always want the latest models, leasing is an attractive option. Leases allow you to regularly upgrade with the latest features.
One of the biggest advantages for sellers in winter is the lower supply of properties on the market. Sellers have the opportunity to attract a more focused and captive audience of buyers.
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Business loans are one method you can use to purchase a business or fund the ongoing operations of your current business. The first step is to clearly define the purpose of the loan.
Self-storage units have long been a popular option for investors with demand from the private sector remaining high.
During COVID, listings were tight and demand remained strong. As interest rates started to climb, some of the demand started falling away, however, listings didn’t rise.
With higher interest rates many buyers are looking at creative ways to boost their rental income. One popular strategy is building an extra dwelling – like a granny flat
Despite interest rates rising at a record pace, the number of mortgage holders in arrears remains around the long-term average of 1%.
The move toward mortgage brokers and away from direct lenders by borrowers is continuing to increase.
For most people, a car loan is often the second largest household expense and it’s one that can cost a lot more these days with the high price of new cars.
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.
