INDUSTRY NEWS • 30 MAY 2024 • 1 MIN READ
$20,000 instant asset write-off to continue for 24/25 tax year

As part of the 2024-25 budget announced mid-May, the Australian government has extended the $20,000 instant asset write-off for small businesses for another twelve months until 30th June 2025 (previously announced for the 2023-24 year only).
Eligibility criteria:
- Businesses with an aggregated turnover of less than $10 million
- Eligible asset must be first used or installed ready to use between 1 July 2023 and 30 June 2025
- $20,000 threshold is per asset so multiple assets can be covered by the instant write-off
Note: this is currently not yet law. The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 which includes this instant asset write-off provision is currently before Parliament.
For further information, read the full update from the ATO here.
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