Make The Most Of The EOFY With The Instant Asset Write-Off
Wondering if your business qualifies for the Instant Asset Write-Off (IAWO)?
With the deadline for the SME investment stimulus program fast approaching, there are some important things to know before the 30th June 2023 cut-off.
Originally, the IAWO program capped purchases at $150,000, however, in October 2020, the federal government removed this limit and extended the program until 2023.
Other key aspects of the program include:
- No cap on the cost of new business assets
- The ability to claim write-offs the same year assets are used or installed
- Financing equipment and cars remain deductible
- Eligibility extends to businesses with an aggregated turnover of up to $5 billion
With the IAWO program extension in effect, it is an ideal time to upgrade your business vehicles and capital equipment – so be sure to get organised before the June 30 deadline to maximise your deductions for this financial year.