Hello Chasers,
Well, the Government has finally got this time-sensitive piece of legislation through, but it doesn’t really help those who were waiting to purchase assets that qualified for this tax deduction before the 30th June 2024.
The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 (‘the Act’) recently received assent, and it is now law.
Among other things, the Act increases the $1,000 instant asset write-off threshold to $20,000 for the 2024 income year.
Therefore, small businesses with an aggregated annual turnover of less than $10 million are now generally able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use by 30 June 2024.
Note: A separate bill, the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024, which (among other things) seeks to extend the $20,000 instant asset write-off until 30 June 2025, is currently before Parliament.
I’m not sure whether this news falls into the category of ‘better late than never’!
Have a great day!
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