As the end of the financial year approaches, we want to remind you of the $20,000 instant asset write-off available for the 2023/2024 financial year. This is a fantastic opportunity for your business to invest in new IT equipment or software and immediately deduct the cost from your taxable income.
If you're considering upgrading your technology infrastructure, now is the time to act. Whether it's new computers, servers, or the latest software, you can write off the full cost of these assets if they are under $20,000 and installed ready for use before June 30, 2024. This incentive is designed to help small businesses with an aggregated turnover of less than $10 million* boost their productivity and competitiveness.
Don't miss out on this chance to enhance your business's technological capabilities while also benefiting from a significant tax deduction. Our team is here to assist you in selecting the right assets that will serve your business needs and maximise your return on investment.
For more details on the instant asset write-off and how you can take advantage of it, please visit the Australian Taxation Office here or consult with your financial advisor.
*Please seek independent taxation advice to confirm your eligibility for these concessions.*