Legislation increasing the instant asset write-off threshold from $1,000 to $20,000 for the 2024 income year passed Parliament just 5 days
prior to the end of the financial year.
Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30
June 2024 can potentially be written-off in the year of purchase. It’s a major cashflow advantage because the tax deduction can be taken in
the year of purchase instead of over a number of years.
To be eligible, the asset must be first used, or installed ready for use, for a taxable purpose between 1 July 2023 and 30 June 2024. For
example, you cannot simply have a receipt for an industrial fridge, it must have been delivered and installed to be able to claim the
write-off in 2024.
The write-off threshold applies per asset, so a small business entity can potentially deduct the full cost of multiple assets across the
2024 year as long as the cost of each asset is less than $20,000. A Bill to extend the instant asset write-off threshold increase to 30 June
2025 is currently before Parliament.
While keeping assets the best option for many, it’s important to ensure that you’re in the best possible position.
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AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging ChatGPT, Copilot & Claude for Innovation and
Productivity.
Join SkyBots’ 2-day Workshop in GOLD COAST with automation expert Daryl Aw to revolutionise your workflow using
cutting-edge Agentic AI tools including Chat GPT, Claude, CoPilot and Gemini. This workshop is built for accountants,
bookkeepers, finance teams, and business owners who want to move beyond basic prompts and turn AI into a reliable, ethical, and practical
system for everyday work.
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AI-Enhanced Automation for Accounting and Finance Professionals: Leveraging ChatGPT, Copilot & Claude for Innovation and
Productivity.
Join SkyBots’ 2-day Workshop in MORNINGTON with automation expert Daryl Aw to revolutionise your workflow using
cutting-edge Agentic AI tools including Chat GPT, Claude, CoPilot and Gemini. This workshop is built for accountants,
bookkeepers, finance teams, and business owners who want to move beyond basic prompts and turn AI into a reliable, ethical, and practical
system for everyday work.
Lunch & Learn Workshop // 4 September, 2026 - 12:00 - 1:30pm
$35pp includes lunch
Many business owners believe growth comes from more sales. But in reality, the strongest and most profitable
businesses grow by improving how the business works, not just by selling more. This session is designed to change that. The
5-Critical Financial Metrics
is a practical workshop that shows you where small, targeted changes can create disproportionately big improvements in profit, cashflow and
sustainability.
For many business owners, superannuation is something that gets attention in June — when tax planning comes into focus. But the real opportunity lies in planning your super contributions at the start of the financial year, not the end.
The new financial year has officially clicked over – and with it comes the trio of mid-year obligations every employer needs on the radar: Single Touch Payroll (STP) finalisation, WorkCover declarations, and Payroll Tax annual reconciliation.
