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.
More Recent News
-
Australia Women in Business Conference
Exclusive discount for BNCC members! Hosted on the Gold Coast from October 30th to November 1st, 2025, the Women in Business Conference is Australia’s premier event for female entrepreneurs, coaches, consultants, and service-based business owners. The organisers are offering BNCC members and exclusive discount to this conference. Read More -
2025 Asia Pacific Cities Summit & Mayors’ Forum
Connect with global decision-makers and access international markets at the 2025 Asia Pacific Cities Summit and Mayors’ Forum in Dubai—Brisbane City Council’s premier event for business growth and strategic partnerships. Read More -
The Small Business Rollercoaster
Feast or famine? Stop pausing your marketing when you’re busy. Steady, simple actions build lasting client flow and put you back in control. Read More
-Blue-and-Orange.png)
