Instant Asset Write-Off

This was announced in the 2024-25 Federal Budget, but the Government encountered several challenges in passing the legislation.

This allows individuals and/or entities with a business turnover of less than $10 million to often claim an immediate deduction for the cost of depreciating assets (such as plant and equipment) acquired during the 2025 financial year, provided the asset's cost, excluding GST credits that can be claimed, is under $20,000.

If you are considering purchasing an asset before 30 June 2025 with the intention of claiming an immediate deduction, please contact us to confirm the details. The rules include several complexities, and we can assist you in navigating them.

The threshold is set to revert to $1,000 from 1 July 2025 unless new legislation is passed to temporarily increase the threshold again or make a permanent change.