With the Instant Asset Write Off coming to an end on the 30^th June 2023, now is a great time for businesses to utilise the grant before it is too late.

The $150,000 Instant Asset Write-Off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.

Eligible businesses that have an annual turnover of less than $500 million may be able to claim immediate deductions for new or second-hand assets.

This may apply to assets such as:

• Vehicles
• Computer
• Earthmoving and construction equipment
• Machinery
• Light and heavy commercial vehicles
• Manufacturing and industrial equipment
• Medical and dental equipment

The instant asset write-off can help you to buy more equipment and other assets that will help you become more efficient and effective in business.

Eligibility 

Eligibility for the Instant Asset Write Off depends on the below:

• Your aggregated turnover (the total ordinary income of your business and that of any associated businesses)
• The date you purchased the asset
• When it was first used or installed ready for use
• The cost of each asset being less than the threshold

How to apply

The Write Off is applied when you lodge your tax return for the relevant year, no further application process is required.

For further information regarding the instant asset write Off click here

Contact our team today on 1300 4 MORRIS and speak to one of our finance specialists to see how we can assist your business.