Maximise Your Tax – Instant Asset Write-Off for FY25

We’ve received this information to share with our small business community. If you’re considering purchasing business equipment, this could be a valuable opportunity.

The Federal Government has extended the $20,000 instant asset write-off until 30 June 2025.

Eligibility:

• Business Turnover: Less than $10 million aggregated turnover.
• Asset Criteria:
  • Cost: Less than $20,000 (excluding GST if registered),
    • Per Asset Basis: The $20,000 threshold applies to each individual asset, allowing multiple assets to be written off instantly.
  • Usage: First used or installed ready for use between 1 July 2024 and 30 June 2025.
  • Type: New or second-hand depreciating assets.

For detailed information, refer to the ATO’s official page on the instant asset write-off: ATO Instant Asset Write-Off

Please note: This information is general in nature and does not constitute financial or tax advice. We recommend consulting with a qualified tax professional to assess how this applies to your specific circumstances.