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In a significant boost for small businesses, the Australian Taxation Office (ATO) has implemented legislation allowing for an instant asset write-off of up to $20,000. This initiative is designed to encourage investment and stimulate economic growth by making it easier for small businesses to upgrade and expand their operations.
Under the new legislation, small businesses with an annual turnover of less than $10 million can immediately deduct the business portion of most assets costing less than $20,000 each. This deduction can be claimed in the year the asset was first used or installed, providing a significant cash flow benefit.
The instant asset write-off enables small businesses to:
To qualify for the instant asset write-off:
Multiple assets can be claimed, provided each individual asset costs less than $20,000.
The ATO has simplified the process for claiming the instant asset write-off, ensuring that small businesses can easily take advantage of this incentive. This initiative is part of the broader effort to support small businesses by reducing red tape and making tax compliance more straightforward.
Navigating tax incentives and ensuring compliance can be challenging. RJ Sanderson & Associates is here to help.
Our experienced team can:
Contact RJ Sanderson & Associates today to learn more about how the $20,000 instant asset write-off can benefit your business and to ensure you are making the most of all available tax incentives.
This article is published by R J Sanderson and Associates Pty Ltd ABN 71 060 299 783. This article contains general information only and is not intended to represent specific personal advice (Accounting, taxation, financial or credit). No individual personal circumstances have been taken into consideration for the preparation of this material. It is recommended that you obtain your own personal professional advice before making any financial or business decision.