IT Procurement – Instant Asset Write-Off Bonus for Small Business

The end of the financial year is fast approaching. There are a series of bonus deductions available to small businesses in 2023-24, including the instant asset write-off. This is a great chance to invest in your business.

What is the instant asset write-off?

The increase to the instant asset write-off threshold enables small businesses with a turnover of less than $10 million to immediately deduct the full cost of eligible assets costing less than $20,000.

The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.

The instant asset write-off can be used for:

  • multiple assets if the cost of each individual asset is less than the relevant threshold
  • new and second-hand assets.

Click here to read more on the ATO website. We also recommend you speak to your accountant for more information.

What are eligible assets?

These are assets that have a limited life expectancy (effective life) and can reasonably be expected to decline in value (depreciate) over the time they are used. You can write off the full cost of any asset that costs less than $20,000.

Depreciating assets include:

  • computers, laptops and tablets
  • tools and equipment
  • office furniture
  • office equipment
  • motor vehicles.

How can we help you?

We offer simplified IT procurement. Let us know what you are trying to achieve, and get vendor agnostic recommendations to best suit your requirements.

Contact us today for fast, fuss-free procurement.

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