$150K Instant Tax Write Off for Small Businesess

Author: Harry Nguyen   Date Posted:11 May 2023 

$150K Instant Tax Write Off for Small Businesess main image $150K Instant Tax Write Off for Small Businesess image
As a small business owner, you're always looking for ways to save money and invest in your company's growth. The instant asset write-off scheme is a great way to do just that. It allows eligible small businesses to claim an immediate tax deduction for the cost of assets, including warehousing equipment, that are used or installed for business purposes.
 
With the end of the financial year approaching, now is the perfect time to take advantage of the instant asset write-off scheme and upgrade your warehouse or workplace. At Equip2go, we offer a wide range of warehousing equipment that can help streamline your operations, increase productivity, and improve workplace safety. From trolleys, ladders, and pallet jacks to industrial storage and conveyor systems, we have everything you need to optimize your workspace.
 
What is the instant tax write-off?
  • The instant asset write-off is a tax deduction that allows eligible businesses to claim an immediate deduction for the cost of eligible assets, such as equipment, tools, and vehicles.
  • The scheme is designed to help small businesses invest in assets that can improve their operations, without having to wait for the assets to be depreciated over time.
  • The deduction can be claimed in the same income year that the asset is first used or installed for business purposes.

Who is eligible?

  • Small businesses, with an aggregated turnover of less than $10 million.
  • Threshold will apply on a per-asset basis, so small businesses can instantly write off multiple assets.

Changes for FY23:

It's important to note that from July 1st, 2023, the instant asset write-off amount will be significantly reduced to $20,000. Therefore, if you're considering an upgrade, now is the time to act to take full advantage of the current scheme.

More information

For further information please consult your accountant, tax advisor, or the Australian Taxation Office (ATO)