The first thing that everyone’s been thinking of and waiting on is the temporary full expensing rules.
Just a quick reminder, for assets that were purchased in this financial year, this will be the last time where there is no limit on what you can claim as a tax depreciation not withstanding cards.
That was earmarked to end on the 30th of June and there’s no extension of that rule itself.
Where it does fall back on?
We have a temporary one-year increase to the instant asset write-off threshold, which is going to be $20,000. It’s going to be for one year, which is next financial year from 1st of July, 23 to 24. And that’s where any assets purchased below $20,000, you can write that off immediately.
If it’s above $20,000, we fall back to the old ways, in which you depreciate it at 15% for the first year, and then 30% the year after until the value of the asset is below $20,000. And we can write it off straight away.
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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