Latest Tax Breaks for Inner West Sydney Businesses

The Australian Government’s recent update for the 2023–24 financial year brings exciting news for small businesses— a significant increase in the instant asset write-off threshold. This boost revealed during the Federal Budget announcement on May 9, 2023, aims to enhance cash flow for small businesses and simplify compliance.

So, what does this mean for you as a small business owner in Inner West Sydney? Let’s delve into the details.

Instant Asset Write-Off Extension:

Starting from July 1, 2023, to June 30, 2024, the threshold has been raised to $20,000. This temporary measure targets businesses with an aggregated annual turnover of less than $10 million. Qualifying assets below $20,000 can be immediately written off, aiding in cash flow and compliance ease.

How It Works:

To benefit from this initiative, your business must meet specific criteria during the 2024 income year, including operational status and adhering to simplified depreciation rules. Assets below $20,000 used for business activities during the specified period are eligible.

Implications and Eligibility:

Assets eligible for depreciation qualify for the instant asset write-off, excluding capital improvement costs. For assets above $20,000, there’s an alternative route through the small business general pool.

Maximize Benefits with Expert Help:

Navigating tax incentives can be complex. Consulting with a tax agent like Endurego Tax can ensure you maximize benefits while staying compliant with regulations. Their expertise can guide you through the process and tailor strategies to your small business needs.

Seize this opportunity to boost your business’s bottom line and embrace the benefits of the increased instant asset write-off threshold.