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Small Business News: The instant asset write-off is now law

Small businesses with an aggregated annual turnover of less than $10 million may be able to deduct the full cost of eligible new and second-hand assets which cost less than $20,000, under the instant asset write-off (IAWO). Eligible assets must be first used or installed ready for use between 1 July 2023 and 30 June 2024. The $20,000 threshold will apply on a per asset basis, so you can instantly write off multiple assets. The usual rules for claiming deductions still apply. You can only claim the business portion of the expense and make sure you have records to prove it.

Learn more about the instant asset write-off on the ATO website.

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