What is the Instant Asset Write-Off scheme?
Currently, you can instantly write off the full cost of eligible assets costing less than $20,000 each. This means you can deduct the purchase price from your taxable income in the same year you purchase the asset, potentially leading to significant tax savings.
This is a great chance to invest in upgrading your workshop equipment, or technology you need to grow your business, without having to depreciate the asset over several years.
Be sure to seek independent advice to confirm eligibility requirements. Further details are available on the ATO website. Don't miss out on this valuable opportunity to improve your business and reduce your tax burden!
Who Can Use the Instant Asset Write-Off?
Eligibility for the instant asset write-off remains targeted at small businesses with the following criteria:
- Business Operation: Must be actively operating in the 30 June 2025 income year.
- Turnover Limits: Annual turnover must be less than $10 million.
- Asset Cost: Each asset purchased must cost less than $20,000.
- Asset type: The asset must be a depreciating asset (which excludes trading stock).
- Depreciation Rules: Businesses must apply the simplified depreciation rules for the year they claim the write-off.
- Usage Requirements: Assets must be first used or installed ready for use within the specified timeframe.
What type of assets can you purchase from Burson Auto Parts as part of the Instant Asset Write-Off?
and much more...
Contact your local Burson store before 30 June 2025 to book a visit from one of our Burson Equipment Specialists to provide you with the best solutions for your Workshop.
Consult your accountant, financial advisor or the ATO for your specific circumstances. To find out more about the federal government stimulus package, head to www.ATO.gov.au
