Good news for small-business owners: the $20,000 instant asset write-off is here to stay. If you’ve been putting off equipment purchases because the instant asset write-off seemed to change from year to year, there’s now significantly more certainty when planning your business investments. As announced in the 2026–27 Federal Budget, the $20,000 instant asset write-off […]
The 2026–27 Federal Budget delivers a range of measures aimed at supporting Australian businesses, encouraging investment, and fostering innovation. While several initiatives provide immediate relief for small businesses, others introduce significant changes that may influence business structures and tax planning strategies in the years ahead. Permanent Extension of the Instant Asset Write-Off One of the […]
If you run a small business, there’s good news this tax time: the $20,000 instant asset write-off has been extended until 30 June 2025. This extension, announced in the 2024–25 Federal Budget and now officially law, gives small businesses more time to invest in equipment and claim immediate tax deductions. What Is the Instant Asset […]
Extending subsidies for apprentices and fee-free TAFE The Government will provide $722.8 million over four years from 2025–2026 to deliver increased support for apprentices. Funding includes: As previously announced, the Government will also provide $253.7 million over two years from 2026–2027 (and an additional $1.4 billion from 2028–2029 to 2034–2035) to make Free TAFE a permanent program, funding […]
Legislation is currently before Federal Parliament that proposes to allow a deduction of $20,000 (up from $1,000) for the instant asset write-off of depreciating assets acquired by small business entities in the period from 1 July 2023. These new rules were previously announced by the Federal Government in its May 2023 Federal Budget. In the […]
Small business instant asset write-off: $20,000 threshold for 2023–2024 The Government will temporarily increase the instant asset write-off threshold to $20,000 from 1 July 2023 to 30 June 2024. Small businesses – those with aggregated annual turnover of less than $10 million – will be able to immediately deduct the full cost of eligible assets […]
Instant asset write-off: minor change Given the largesse of the new outright deduction for capital assets until 30 June 2022, the instant asset write-off rules have become temporarily irrelevant for most taxpayers (those with aggregated annual turnover of less than $5 billion). Accordingly, there were no changes to the rules, other than a slight tweaking for costs […]
Outright capital assets deduction until 30 June 2022 for most businesses Businesses with aggregated annual turnover of less than $5 billion will be enable to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 (Budget night) and first used or installed by 30 June 2022. Full expensing in the year of first use will […]
If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction in your 2019–2020 and 2020–2021 tax returns under the instant asset write-off, which was recently further expanded. From 12 March to 31 December 2020 inclusive, the instant asset write-off threshold for each asset increased to $150,000 (up from $30,000) […]
If you’ve purchased assets for your business, remember that you may be eligible to claim an immediate deduction under the instant asset write-off, which was recently expanded. From 12 March to 30 June 2020 inclusive, the instant asset write-off threshold for each asset increased to $150,000 (up from $30,000) for business entities with aggregated annual turnover of less than […]
In an effort to combat the economic effects of the global coronavirus pandemic, on 12 March 2020 the Federal Government announced an economic stimulus package worth $17.6 billion, which it said is expected to provide direct support for up to 6.5 million individuals and 3.5 million businesses. The package includes business investment initiatives, cash flow […]