This likely means your business can access the instant asset write-off. What kind of businesses are eligible? Australian businesses with an aggregated turnover of under $5 billion are eligible. The federal government introduced the scheme in 2015 and it has been extended at every federal budget since – with the latest extension to run until 2023. What is it? A way Australian businesses can claim an immediate deduction (write-off) for eligible business purchases, reducing their taxable income. A refresher on the instant asset write-off scheme EOFY is here again though, and the good news is, there’s still time to take advantage of the ATO’s instant asset tax write-off for small businesses.
As always, mid-year is a demanding time for most Australian small business owners.
You probably know about the Australian government’s instant asset write-off tax scheme but maybe you need a refresher on how it all works. For specific advice applicable to your business, please contact your tax accountant or a qualified professional. The information contained herein is subject to change and may vary from time to time.
This article is for informational purposes only and does not constitute legal, personal, or tax advice.
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