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

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💼 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, offering businesses a valuable opportunity to reduce tax and invest in growth.

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✅ 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.

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🗓️ The asset must be:

• First used or installed ready for use between 1 July 2024 and 30 June 2025
• For a business with turnover under $10 million
• Each asset must cost less than $20,000

You can claim multiple assets under this rule if each item is under the threshold.

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💡 Benefits for Small Business

• 💰 Immediate tax savings
• 📈 Improved cash flow
• 🧾 Simplified record-keeping
• 🛠️ Claim on equipment, machinery, office assets, tools, and more

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⚠️ Things to Remember

• Assets $20,000 or more are added to the small business depreciation pool and written off over time.
• You must use simplified depreciation rules to be eligible.
• Applies to both new and second-hand assets.

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📊 How Trinity Accounting Practice Can Help

At Trinity Accounting Practice, we help you take full advantage of government tax incentives like this one. Our expert accountants can:

✔️ Confirm your eligibility
✔️ Ensure proper documentation
✔️ Strategically plan asset purchases
✔️ Maximise your deductions

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👉 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

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📌 Source:

ATO – Instant Asset Write-Off for Small Business

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