Following up from the backlog of stock from the pandemic years, businesses have been buying up vehicles and equipment with a “vengeance”.

After the expiry of the previous $150,000 instant asset write-off which ended on 30th June 2023, many businesses are now looking at what other purchases they can make that are business finance friendly. Especially now that the threshold of $20,000 had come into effect as of 1st July 2023 which applies on a per-asset basis.

Under the changes, small businesses with an aggregated turnover of less than $10 million will have the ability to immediately deduct legible assets costing less than $20,000. These assets must be applied or installed and ready to be used in the business between 1st July 2023 and 30th June 2024.

The instant asset write-off provisions continue to be a valuable incentive for small businesses.


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