There is legislation currently before parliament to change the Instant Asset Write Off (IAWO) to 30 June 2024 (FY24) from $20,000 to $30,000.  That sounds great, right? Unfortunately, the devil is in the detail, the $30,000 IAWO has yet to pass through the system and be passed before the end of the financial year (EOFY) FY24. 

So, if you are a business you can claim any asset purchase of $20,000 or less in FY24, however, if it is above that then you will be waiting for the outcome of this draft legislation to see if you can assess an IAWO of $30,000.

If this change is enacted before EOFY FY24 this will effectively be a retrospective measure - Click here for the details on the bill.

Read here for the IAWO numbers for the last few years - Click here for a summary of the IAWO over the last 5 years

Disclaimer: This information is general in nature, and this is a complex area of law, and you should examine your eligibility for these concessions carefully under the criteria set out in the legislation, so before acting it is important to seek professional advice related directly to you and your circumstances, contact your Primarius team leader or email us at info@primarius.net.au if you require assistance.

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