Important Update for Small Business Owners:
$20,000 Instant Asset Write-Off
The Australian Government has announced an extension of the $20,000 instant asset write-off, providing significant benefits for 2024/25 financial years.
Key Highlights:
- Extended Deadline: The instant asset write-off threshold of $20,000 has been extended until 30 June 2025.
- Immediate Deduction: Small businesses with an aggregated turnover of less than $10 million can immediately deduct the full cost of eligible assets costing less than $20,000.
- Multiple Assets: The $20,000 threshold applies on a per asset basis, allowing small businesses to instantly write off multiple assets.
- Depreciation Pool: Assets valued at $20,000 or more can be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each year thereafter.
This initiative aims to improve cash flow and reduce compliance costs, making it easier for small businesses to invest in new equipment and technology.
These measures have not yet been enacted into law, but they are currently being considered by Parliament. It's important to stay informed about these developments as this presents an opportunity to evaluate and potentially enhance your clinic's operations and services.
For more information, visit the ATO website.
For more information, please contact your Key Account Manager:
New South Wales:
- Helen Koveos
hkoveos@ebosgroup.com.au - Eric Chan
eric.chan@ebosgroup.com.au - Martha Dixon
martha.dixon@ebosgroup.com.au - Vanessa Kemer
vanessa.kemer@ebosgroup.com.au
Queensland:
- Patricio Hernandez
phernandez@ebosgroup.com.au - Shaun Callander
scallander@ebosgroup.com.au
Victoria and South Australia:
- Neil Ebzery
neil.ebzery@ebosgroup.com.au - Kylie Stunell
kylie.stunell@ebosgroup.com.au - Narelle Fairservice
narelle.fairservice@ebosgroup.com.au - Darryl Larter
darryl.larter@ebosgroup.com.au
Western Australia:
- Deena Doyle
ddoyle@ebosgroup.com.au - Joanna Humphries
jhumphries@ebosgroup.com.au
Or please contact our Customer Service Team:
PH: 1800 269 534
Email: customerservice@ebosgroup.com.au
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