#EveryoneNeedsAPlan: Business Instant Asset Write-off $20,000 for 2024 FY

The Instant Asset Write-off for the 2024 Financial Year has decreased to $20,000 per asset, down from $150,000 in the 2023 FY.

• The Instant Asset Write-off allows the immediate tax deduction for the purchase of eligible assets
• The $20,000 applies to each asset
• The $20,000 does not include GST
• The asset has to be purchased and ready for use in the 2024 FY (1 July, 2023 to 30 June, 2024)

If you would like to know how to apply this tax planning strategy to your own circumstances, contact your Accountant or Tax agent, or Contact Us if you would like a referral to a tax professional.