The Senate has passed amendments to the instant asset write-off which are effective for purchases of business assets from 1 July 2023 to 30 June 2024 as follows:
- Increases the instant asset write off threshold from $20,000 to $30,000.
- Increases the aggregated turnover threshold for businesses to less than $50 million, previously $10 million.
When the amendment bill passes through Parliament and receives Royal Assent, businesses with an aggregated turnover of less than $50 million can immediately write off eligible depreciating assets costing less than $30,000.
The eligible asset must be first used or installed ready for use during the 2023-2024 income year. From 1 July 2024, the threshold will revert to $1,000.
Should you require further information or assistance concerning these changes please contact us on (07) 3910 5675 or [email protected].