$20K Instant Asset Write-off bill has become law
The much-awaited bill has now received royal assent on on 28 June 2024. Small businesses with an aggregated turnover of under $10 million will be able to write off assets purchased between 1 July 2023 and 30 June 2024 that cost $20K and under.
What does that mean for businesses that purchased assets costing more than $20K?
If your small business has an aggregate turnover of less than $10 million, you can access the small business pool depreciation rules, which provide an accelerated depreciation rate of 15% in the first year, followed by 30% each year thereafter.
Once the balance of the pool in a given year falls below the instant asset write-off threshold for that year (before applying the depreciation deductions), you will be able to write off the balance.
If you’re keen to explore changing accountants, we have a non-obligation process to do that. The first step is booking a strategy call with one of our accounting team. It’s a free 20-minute zoom or phone call where you get to meet us to manage your questions.
From that point, you can consider doing a “Look Under The Hood” with us. There is no obligation to change accountants, but we give you a second opinion if you’re paying too much tax.
Throughout that process, we can identify any problems we see with your current setup. Anything that your current accountant hasn’t claimed, or tax you may have overpaid, and strategies of how we might fix that going forward. We can run through with you once you book with us.
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