Increase in the instant asset write-off threshold to $30,000 (May 2024 Tax Update)

Relevant For:

Business owners and financial managers in small-to-medium Australian businesses looking to optimise asset investments and tax benefits.

Key Points:

  • Instant asset write-off threshold raised from $20,000 to $30,000.
  • Eligible for businesses with a turnover under $50 million.
  • Applies to depreciating assets costing under $30,000.
  • Assets must be first used or installed by 30 June 2024.
  • Anticipated parliamentary approval in the near future.

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