Deadline approaching for the Instant Asset Write Off

The tax scheme we all loved and cherished may be coming to an end by 30th June 2023...
the famous Instant Asset Write Off tax break!

Currently, eligible small business owners can buy an asset for their business and write it off, meaning they get to claim the whole cost in one financial year, rather than depreciating it over a number of years allowing you to claim a portion in each tax return.

After extending this generous tax break the current government are proposing the scheme will end at
30th June 2023 and post this date, businesses will need to depreciate any assets purchased that are valued above $1,000.

So, this means if you are in the market for a new business asset, now may be a good time to take advantage of this scheme. However, we would encourage you to talk to your accountant before doing so, to ensure you are eligible and that the benefit is effective for you.