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Important Update for Small Business Owners: 
$20,000 Instant Asset Write-Off

 
The Australian Government has announced an extension of the $20,000 instant asset write-off, providing significant benefits for the 2023/24 and 2024/25 financial years.
 
Key Highlights:
  • Extended Deadline: The instant asset write-off threshold of $20,000 has been extended until 30 June 2025.
  • Immediate Deduction: Small businesses with an aggregated turnover of less than $10 million can immediately deduct the full cost of eligible assets costing less than $20,000.
  • Multiple Assets: The $20,000 threshold applies on a per asset basis, allowing small businesses to instantly write off multiple assets.
  • Depreciation Pool: Assets valued at $20,000 or more can be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each year thereafter.
 
This initiative aims to improve cash flow and reduce compliance costs, making it easier for small businesses to invest in new equipment and technology.
 

These measures have not yet been enacted into law, but they are currently being considered by Parliament. It's important to stay informed about these developments as this presents an opportunity to evaluate and potentially enhance your clinic's operations and services.

For more information, visit the ATO website.

 
For personalised assistance, reach out to your Territory Internal Sales Professionals:

Monique Stivala, Team Leader - VIC, NT, TAS
monique.stivala@vitalmed.com.au | 0434 072 536
Martha Dixon, ISP - NSW Rural and South, ACT, SA
mdixon@vitalmed.com.au | 0408 397 199
Vivian Kwong, ISP - NSW metro
vkwong@vitalmed.com.au | 0408 342 056
Zeid Zeid, ISP - WA, QLD
zeid.zeid@vitalmed.com.au | 0498 003 712

Or call our customer service at 1800 269 534.

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