The Instant Asset Write-off is a temporary tax deduction scheme available for all Australian businesses with an annual turnover of less than $5 billion.

It enables businesses to deduct the full business-related costs of all purchases of capital items – typically depreciating assets. This could include:

• fixtures and fittings
• technology, such as laptops, EFTPOS systems and security equipment
• tools, plant and equipment
• office furniture
• motor vehicles

 

The scheme was extended to cover the 2022/23 tax year. However, with product and shipment interruptions at an all-time high, any new items purchased might not arrive in time.

If assets are ordered and paid for, but have not arrived and been installed for use before June 30 2023, the instant deduction cannot be claimed.

If you’re planning to order equipment or other kinds of assets, don’t leave it too late. With huge delays in freight delivery, small business owners who want to take advantage of the scheme need to shop early.

Enterprise specialises in financing the purchase of all types of equipment, and our expedient processes can ensure you still claim a 100% deduction for the cost of the eligible items and enjoy the benefit of the Instant Asset Write off even as supply chain delays narrow the remaining window of opportunity.

Contact the Enterprise team for advice today.