Instant Asset Write-Off for Small Businesses

Important EOFY 2024 Update:
$20,000 Instant Asset Write-Off for Small Businesses Extended!

As we approach the end of the financial year, we have exciting news for all our valued healthcare professional customers who own small businesses. The Australian Government has announced significant support measures that can greatly benefit your practice!

In a bid to improve cash flow and reduce compliance costs for small businesses, the Government has extended the $20,000 instant asset write-off for an additional 12 months, now available until 30 June 2025. This measure, initially part of the 2023/24 Budget, has been continued in the 2024/25 Budget to provide further financial relief and support.

What You Need To Know

Eligibility: Small businesses with an aggregated turnover of less than $10 million.
Deduction: Immediate deduction of the full cost of eligible assets costing less than $20,000.
Period: Applicable to assets first used or installed ready for use between 1 July 2023 and 30 June 2025.
Multiple Assets: The $20,000 threshold applies on a per asset basis, allowing multiple assets to be written off instantly.
Depreciation Pool: Assets valued at $20,000 or more can be placed into the small business simplified depreciation pool, with depreciation rates of 15% in the first income year and 30% each income year thereafter.

Legislative Status

The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023, which includes this instant asset write-off measure for the 2023/24 income year, is currently before Parliament.

How This Benefits You

For healthcare professionals running small practices, this extension means you can invest in necessary equipment and technology upgrades without the immediate financial burden. Whether it's upgrading medical devices and/or medical equipment, the instant asset write-off provides a significant tax advantage, enhancing your practice's efficiency and service quality.

Stay Informed

These measures are not yet law, for more information please visit ATO website.

*Date: June 2024

This EOFY, take advantage of the Australian Government's support to invest in your practice's growth and improve service delivery to your patients.

Contact your Key Account Manager today, or contact our Customer Service on 1800 269 534.

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