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.

Flakus and Associates is well-versed in Equipment Finance having successfully assisted clients over the past 27 years. Call Paul on 0417 567 747 today to explore the range of business finance solutions available today to help you and your business grow.

 

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