Small businesses can deduct the full cost of eligible assets costing less than $20 000
from 1 st July 2023 to 30 th June 2024.
– Small businesses are those with aggregated annual turnover of less than $10
million.
– The assets must first be used or installed ready to use between 1 July 2023 and
30 June 2024.
– Assets costing more than $20 000, can be placed into the small business
simplified depreciation pool and depreciated at 15% in the first income year and
30% each income year after that.
– The $20,000 threshold will apply on a per-asset basis, so small businesses can
instantly write off multiple assets.