Small business instant asset write-off 2023-2024

Schedule 1 to the Bill amends existing legislation to increase the instant asset write-off threshold (the threshold below which amounts can be immediately deducted under the simplified depreciation rules) from $1,000 to $20,000. This will allow small businesses (with an aggregated annual turnover of less than $10 million) to immediately deduct the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.

To find out more, visit NTAA here for further information.