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.
WEBINAR 25 SEPT // 12PM
The final session focuses on the changing legal environment, highlighting recent amendments to the Fair Work Act, capturing independent
contractors under workers' compensation schemes, payroll tax considerations, superannuation compliance, and practical steps to mitigate
risks.
In this episode of The Accountant That Builds, host Shannon Smith discusses the massive wealth transfer expected from Baby Boomers to the next generation, estimated at $84 trillion. Shannon highlights the opportunities and challenges of this transfer, focusing on estate planning, tax liabilities
Over the coming years, we’re about to witness the largest wealth transfer in history as Baby Boomers pass their hard-earned fortunes to younger generations. With an estimated $84 trillion set to be transferred, mostly from savings, investments, and real estate, this shift holds both incredible opportunities and significant challenges for families.
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Changes to aged care fees are coming, and they will impact both home care and residential care. After a long wait and lots of speculation, the government has released details of the proposed changes.
Our aged-care financial advice case studies showcase real scenarios where our clients saved thousands by leveraging strategies regarding the family home, negotiating RADs and optimising care facility choices.
WEBINAR 11 SEPT // 12PM
In the third session, we'll delve into superannuation guarantee changes, including proposed changes to payday superannuation, new rates and
bases, and the impact on SG liability. Gain insights into employer deductions, termination of employment considerations and more.
WEBINAR 4 SEPT // 12PM
Master allowances and reimbursements, understand their PAYG and super guarantee implications, and learn to navigate travel vs.
living-away-from-home allowances. Gain insights into FBT considerations, new ATO record-keeping requirements, and effective salary packaging
arrangements.
Understanding the factors that influence your interest rate can help you secure a better deal.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
The Taxable Payments Annual Report (TPAR) is a mandatory report for Australian businesses in certain industries to disclose contractor payments to the ATO by August 28 each year, ensuring accurate tax reporting.
Starting July 1st, 2024, non-profit organisations (NFPs) in Australia with an ABN, but not recognised as charitable, must annually submit a NFP self-review return to the ATO to confirm their tax exemption status. This process involves three main sections:
Systemisation is the backbone of a successful business. It is the process of creating repeatable and efficient workflows that streamline operations, reduce stress, and foster growth. This blog explores why businesses should embrace systemisation, how they can implement it, and what types of businesses stand to benefit the most.
