Blackburn Accounting - Small Business Support – $20,000 instant asset write-off

Tax
Business

On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will improve cash flow and reduce compliance for small businesses by temporarily increasing the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024.

This measure is not yet law.

Small Businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.

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

Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.

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Gregg Mountford

"Tim has been our accountant for over 10 years and throughout that whole time, he has been very professional, trustworthy, efficient and a pleasure to work with. He has the capacity to understand complex issues and his knowledge is always up to date, providing a quality service."

Gregg Mountford Managing Director – Negotiator WA Pty Ltd

Leon Sainken

"Tim has been our accountant for the last eight years. He has an exceptional understanding of the for ever changing tax landscape which benefits all of his clients. As Tim has moved through his career we have followed, I think that’s testament to his ability!"

Leon Sainken Managing Director – LSA Advertising

Peter Shewring

"We have known Tim Blackburn since June 2007. He has been our accountant with the Glenrange Global Pty Ltd and Glenrange Enterprises refrigeration electrical engineering business and our food export business Auspies Pty Ltd to Russia."
Peter Shewring
Managing Director – Glenrange Global Pty Ltd

Peter Shewring

"During this time Tim has shown a professional aptitude to all matters of taxation and general advice for and to business, including the exporting business where there has been a high degree of complexity regarding accountancy, business strategies and taxation requirements.
From the exporting company inception, Tim travelled to Russia to facilitate Aussie Pie Pty Ltd for the compliance to both countries taxation regulations requirements.
Tim has the ability to place the customer and/or the company first, a rare commodity in today’s world."
Peter Shewring

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Small Business Support – $20,000 instant asset write-off

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Your Accounting Partner

Your Management Accounting Partner

Your Expansion Engineer

Your Special Projects Partner