News
Take advantage of the instant asset write-off scheme before it’s too late
The cut-off date for the instant asset write-off scheme is June 30 2023. Act now to benefit from the program before it ends.
The instant asset write-off program has been a popular scheme for SMEs, allowing for costs of assets up to a certain amount, to be written off immediately, rather than depreciating them over time.
For businesses still looking to take advantage of the program, supply chain issues will need to be taken into account, as they may impact the ability to access the scheme before the deadline. The asset needs to be installed and ready for use by June 30 2023, to claim the write-off.
From July 1, 2023, small business entities with an aggregated turnover below $10 million will have to depreciate any assets they purchase worth more than $1,000 over the effective life of the asset. With depreciation comes additional red tape and more onerous rules, which bring added layers of complexity for business owners.
How we can help
With the instant asset write off scheme soon ending, now is the perfect time to book an appointment with one of our accountants who can provide expert tax planning advice.
Don’t need to write off assets this financial year? You can save your depreciation to reduce your tax bills for when it’s needed. We can help you to decide what you should do.
Give us a call on 02 9608 3707 or make an enquiry here.
Date published 5 May 2023 | Last updated 5 May 2023
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