Max-Tax-Instant-Asset-Write-Off-2025-red

Maximise Your Tax - Instant Asset Write Off FY25

As part of the 2024–25 Budget, the Federal Government announced it will continue to provide support for small businesses by extending the $20,000 instant asset write-off limit until 30 June 2025.

This measure is now law.

Small businesses with an aggregated turnover of less than $10 million, can deduct:

  • the full cost of eligible depreciating assets costing less than $20,000 that are first used or installed ready for use between 1 July 2024 and 30 June 2025
  • an amount included in the second element (cost addition) of eligible depreciating asset’s cost that they have incurred between 1 July 2024 and 30 June 2025, if they claimed an immediate deduction for the asset under the simplified depreciation rules in a prior income year where the amount is:
    • the first amount of second element cost incurred after the end of the income year in which the asset was written off; and
    • less than $20,000.
gaser_240_eggwash

Take advantage of this incentive to purchase new and secondhand equipment under $20,000 before June 30 2025 to max your tax incentive!

See our Value Adding Equipment Range

The $20,000 limit under the measures applies on a per asset basis, so small businesses can instantly write off multiple assets.

 

Assets valued at $20,000 or more can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that. In addition, pool balances under $20,000 at the end of 2024-25 income year can be written off.

burger-patty-stacked-viking-burger-stacker
See our Processing Equipment Range

The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own circumstances and seek professional advice. 

Equipping the food industry to grow with food processing and packaging solutions

call 1300 88 99 51

email [email protected]

room 35 Shirley Way, Epping VIC 3076

room 9 Mcilwraith St, Wetherill Park NSW 2164

room 21 Hoyle Rd, Hope Valley WA 6165

room 27 Beal Street, Meadowbrook QLD 4131

room 7 Chadderton Bvd, Epping VIC 3076

room 22 Glassford Rd, Kewdale WA 6105

room 25 Hayton Road, Wigram, Christchurch 8042, NZ

Connect with us on LinkedIn