On 14th May 2024, the Australian Government announced that the $20,000 instant asset write-off would be extended by a further 12 months until 30th June 2025. This was announced as part of the 2024-25 Australian Budget and will be implemented to improve cash flow and reduce compliance costs for businesses.
Who Qualifies for the $20,000 Instant Asset Write-Off?
Small businesses, with an aggregated turnover figure of under $10 million, will immediately be able to take advantage of the $20,000 instant asset write-off. With the ability to deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1st July 2023 and 30th June 2025, businesses can benefit enormously.
The $20,000 instant asset write-off will apply on a per asset basis, which allows small businesses the ability to write off multiple assets.
What can Businesses Purchase with the $20,000 Instant Asset Write-Off?
When attempting to take advantage of the $20,000 instant asset write-off, it is important to understand what can be purchased and ensure that your business meets the criteria.
The type of asset you can purchase is a depreciating asset, worth less than $20,000. A depreciating asset is an asset that is utilised within the business and has both a limited shelf-life and is expected to decline in total value.
Some examples of items that businesses can purchase whilst utilising the $20,000 instant asset write-off include:
- Computers
- Laptops
- Monitors
- Servers
- Printers
- Photocopiers
- Scanners
- IT Hardware
How Adept IT Solutions can Assist with the $20,000 Instant Asset Write-Off
With the end of the financial year (EOFY) quickly approaching, now is the time to place your order and take advantage of the asset write off.
Adept IT Solution’s online shop contains thousands of products that fall under the $20,000 instant asset write-off scheme and are ready to be shipped out for your business.
As a leading provider of IT support in the Newcastle, Hunter, Central Coast and Sydney areas, Adept IT Solutions has the knowledge and experience to ensure you are best equipped for all your business needs.
To find out how to benefit from this opportunity, reach out to the team via sales@adept-it.com.au.
If you would like to know more about our extensive list of IT services, feel free to contact us for a chat at 1300 423 378 (ADEPT) or email us at info@adept-it.com.au.
