Maximise Your Tax Benefits: $20,000 Instant Asset Write-Off for Small Businesses in 2024–25

Maximise Your Tax Benefits: $20,000 Instant Asset Write-Off for Small Businesses in 2024–25

Great news for small business owners! The Australian Taxation Office (ATO) has confirmed the $20,000 Instant Asset Write-Off for the 2024–25 financial year, giving businesses a valuable opportunity to reduce their tax bill and reinvest in growth.

👉 Trinity Accounting Practice
✅ Accounting Firm in Beverly Hills
☎️ 02 9543 6804
📍 159 Stoney Creek Road Beverly Hills NSW 2209
🌐 www.trinitygroup.com.au
📅 Weekend & after-hours appointments available
📅 Booking Link: https://calendly.com/ramy-hanna

What Is the Instant Asset Write-Off?

Small businesses can claim an immediate deduction for the business portion of eligible depreciating assets that cost less than $20,000 each.

Eligibility Criteria:

• 🗓️ The asset must be first used or installed ready for use between 1 July 2024 and 30 June 2025
• 🏢 Applies to businesses with turnover under $10 million
• 💸 Each asset must cost less than $20,000 (excluding GST)
• ♻️ You can claim multiple assets, as long as each is under the threshold

Key Benefits for Small Business

💰 Immediate Tax Savings

Claim the full deduction in the same year, reducing your taxable income.

📈 Improved Cash Flow

Lower your tax payable and reinvest sooner in business growth.

🧾 Simplified Record-Keeping

No need for long-term depreciation schedules on eligible assets.

🛠️ Broad Range of Eligible Assets

Includes:

• Office equipment
• Tools and machinery
• Computers and IT systems
• Commercial vehicles under the threshold
• Software subscriptions

Things to Remember

• ⚠️ Assets costing $20,000 or more go into the small business depreciation pool
• ✅ You must use the simplified depreciation rules
• 🔁 Applies to both new and second-hand assets
• 📝 Keep full documentation for each purchase and use

How Trinity Accounting Practice Can Help

Our experienced team helps you make the most of the Instant Asset Write-Off while staying compliant with ATO guidelines.

We Provide:

• ✔️ Eligibility checks specific to your business
• ✔️ Strategic asset planning before 30 June 2025
• ✔️ Proper documentation setup in Xero or MYOB
• ✔️ End-to-end support for accurate tax reporting

We specialise in supporting small business owners across all industries including construction, trades, childcare, hospitality, and healthcare.

Trusted Accounting for Small Businesses

Since 2003, Trinity Accounting Practice has supported hundreds of Australian small businesses with trusted, expert advice in:

• Tax compliance
• Business consulting
• Bookkeeping
• Payroll
• Financial software integrations (Xero & MYOB)

📞 Call us on 02 9543 6804 or
📅 Book online: https://calendly.com/ramy-hanna

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