The 20K Instant Asset Write-Off Scheme is Back | 2024

At All Preparation Equipment, we understand the financial challenges small businesses face, especially in the construction industry. That's why we're excited to share some fantastic news that can significantly benefit your operation. The Government has announced an extension of the $20,000 instant asset write-off scheme for the 2023–24 and 2024–25 income years. This initiative aims to improve cash flow and reduce compliance costs for small businesses, making it easier to invest in essential equipment.

As of 14 May 2024, the instant asset write-off threshold has been increased to $20,000, allowing small businesses with an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets. This includes any assets first used or installed ready for use between 1 July 2023 and 30 June 2025. This threshold applies on a per asset basis, meaning you can instantly write off multiple assets costing less than $20,000 each.

For assets valued at $20,000 or more, which cannot be immediately deducted, businesses can place them into the small business simplified depreciation pool. These assets will be depreciated at 15% in the first income year and 30% each income year thereafter, providing continued tax benefits over time.

At All Preparation Equipment, we offer a wide range of high-quality gear that is eligible for this scheme. Investing in top-tier equipment is now more accessible than ever, allowing you to enhance productivity and efficiency without breaking the bank. 

 

If you've been considering updating the fleet lately, it's never been a better time to do it. 

Talk to the team at All Preparation Equipment on 1800 422 992


By taking advantage of the instant asset write-off scheme, you can invest in these essential tools with immediate tax benefits, improving your cash flow and reducing your overall tax liability. This is an excellent opportunity to upgrade your equipment and stay competitive in the market.

It's important to note that while this measure has been announced as part of the 2024–25 Budget, it is not yet written into law. However, planning ahead can help you make the most of these potential benefits once they are officially in place. You can read more on the Australian Govt website.

We encourage all small business owners to consider how this scheme can support their growth and operational efficiency. At All Preparation Equipment, we are committed to providing the best products and support to help your business succeed. Shop online or contact us today to learn more about how our equipment can meet your needs and take advantage of the instant asset write-off scheme.

Don't miss out on this opportunity to invest in the best equipment for your business while enjoying significant tax benefits. 

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