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

• 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.