The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023 was finally passed by both Houses of Parliament yesterday.

After extensive deliberation, the 2024 SBE instant asset write-off threshold will be $20,000 for eligible depreciating assets first used or installed ready for use between 1 July 2023 and 30 June 2024. 

This will provide an immediate write-off for small business taxpayers satisfying the $10 million aggregated turnover test.

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Please also note that many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances. Should you have any further questions, please get in touch with us for assistance with your SMSF, business, bookkeeping and tax requirements. All rights reserved. Brought to you by RGA Business and Tax Accountants. Liability Limited by a scheme approved under Professional Standards Legislation.