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.
The most effective way of sharing Christmas joy with customers is not necessarily the most tax effective.
In many instances, businesses might need to wait 60 days or more to get paid, which can put a strain on the business's cashflows.
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While conditions for retail tenants have been tough during lockdowns, the luxury end of the market and certain sectors continue to perform strongly.
After a record-setting few years, industrial property has continued to perform strongly throughout 2022.
A car loan is a great way to purchase a vehicle when you don’t have all the money to pay for the car upfront.
Getting your finances organised well in advance is one of the most important stages of the auction procesS.
Many lenders will offer competitive interest rates to new customers as well as other incentives that could save you money.
Purchasing a property is a big decision and it’s important to determine the best location to buy that will give you the best return over time.
When the time comes to sell, if you’ve got the budget to style your property, you might find that it can really help entice buyers.
If your goal is to buy a property in the new year, then it’s important to not let a Christmas splurge get in the way of your real estate dreams.
While we all love giving presents, if you’re looking at potentially applying for a home loan in the new year, it’s important that you don’t do any damage to your chances of getting finance by overspending
Here are the 5 signs you personally should look out for when deciding whether or not you should hire a professional bookkeeper.
Demand for second-hand vehicles and equipment has reached record levels, as supply chain problems have made new products difficult to obtain.
Record low vacancy rates have seen industrial rents jump 30 percent across Sydney and more than 20 percent in Melbourne.
The surge in commercial lending is the largest annual growth since 2009.
17 NOV 2022 @ 3:30-5:00pm
Come and warm our newly extended and renovated office space at Smart Business Solutions in Mornington alongside Bruce Billson, Small
Business and Family Enterprise Ombudsman.
Many are looking at ways to get their repayments down. The best thing to do is speak to a finance broker who can compare your options and find a loan product.
If you’ve owned a home for a number of years, you might be able to access some of the equity to use as a deposit for another home.
With the RBA’s ongoing cash rate hikes, mortgage rates are also continuing to climb.
With Spring selling season in full flight, thousands of homeowners across Australia are looking at how they can make their homes more appealing to buyers.
While many people are excited about the idea of buying their first home, it can also be overwhelming knowing that you have to eventually pay off a large mortgage.
Legislation before Parliament will lift penalties for serious or repeated privacy breaches, and provide new powers to the Australian Information Commissioner.
The increase in interest rates is starting to take effect helping to restore price stability. However, in its statement, the RBA said that it will be a challenge to return inflation to 2-3%
If you’re famous and make an income from your fame and image, the way the ATO believes you should be taxed on the income you make may change.
In July, the Australian Taxation Office (ATO) reported a new wave of ‘Tax refund SMSF scams’.
Consumer price inflation rose by 1.8% in the June quarter, and by 6.1% on a rolling 12-month view. Whilst high, these measures were below consensus expectations. In turn, this prompted hopes that local interest rates might not need to increase as much as previously feared.
With seven months before the 2023-24 Budget released in May 2023, this Budget is a shuffling of the deck not a new set of cards.
The traditional diversification strategies of super funds are failing, and a worsening inflation.
The Optus data breach is top of mind for a lot of Australians, particularly those who have had their data breached.
The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in Queensland.
The value of cryptocurrency assets inside Australian self managed superannuation funds (SMSFs) increased by 589.9%.
UK Chancellor Kwasi Kwarteng announced a series of tax cuts, including the reduction of the top personal income tax rate.
New guidelines for professional services firms - lawyers, architects, medical practitioners etc., came into effect on 1 July 2022.
National Cabinet agreed to end the mandatory isolation requirements for COVID-19 effective from 14 October 2022. Each state and territory has, or will, implement the end of the isolation rules.
Come and see what happens when the precision of accounting and foresight of financial planning collide.
Your partners in wealth accumulation, protection and management for today and beyond.
A secured loan is a form of finance backed by collateral. For most businesses, the collateral takes the form of real estate, either commercial or residential.
Interest rates are rising as the Reserve Bank of Australia (RBA) looks to aggressively hike the official cash rate to help slow growing inflation.
Property has a long-term track record of capital growth, which is why it is a favourite asset class for hundreds of thousands of Australians.
If you’re in the market to buy a property, or looking at refinancing your current home loan, one of the most important things to consider is trying to obtain a pre-approval from a lender.
Rabobank’s Australian Agricultural Price Outlook shows that agricultural land prices across Australia rose by 27% in 2021.
With the now abolished land tax in Queensland it is interesting to note that it was never going to have the same impact on commercial property compared to residential.
For the sixth consecutive month, the Reserve Bank of Australia (RBA) has made the decision to increase the nation’s official cash rate, which now sits at 2.60%.
Supply chain pressures and inflation have dominated conversations about investment markets for much of the past year. Reporting season gives Australians a comprehensive look at how these forces are affecting businesses – and what they mean for investors.
For Shannon Smit and the team at Smart Private Wealth, providing a service centred around client education is one of their most important objectives. It is viewed as their defining point of difference.
The Australian government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
Clients with self managed superannuation funds (SMSF) often ask what assets the SMSF can acquire.
There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market.
The tax system currently allows Australia to tax payments made by an Australian customer in relation to technical services provided by an Indian firm.
23:59 UTC on 20 September 2022 is the cut-off to register for your .au direct domain.
You’ve worked hard for what you have – it’s time to protect it for the next generation.
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.
