Originally announced in last year’s Federal Budget, the instant asset write-off aims to boost cashflow and reduce compliance costs for small businesses.
The maximum value for the instant asset write-off has been increased to $20,000 for the financial year 2023 – 2024 financial year.
Brokers can claim products such as smart phones, computers, office equipment and furniture or vehicles.
Find out more about the instant asset write-off on the ATO website.
Small business energy incentive
The small business energy incentive (SBEI) allows small businesses to claim an additional 20%deduction on spending that supports electrification and more efficient use of energy.
This includes investments such as upgrading to energy efficient appliances or lighting.
The SBEI is applicable to eligible investments paid for between 1 July 2023 and 30 June 2024.
Find out more about the SBEI on the ATO website.
In our submission on the SBEI we highlighted that mortgage and finance brokers are well placed to support the nation’s commitment to reducing greenhouse gas emissions and to transition to net zero by 2050. Download our submission.
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