October Newsletter
03/10/2024
Australia’s Most Experienced Audio Visual Supplier
Australia’s Most Experienced Audio Visual Supplier
NEED HELP? 1300 287 867
Australia’s Most Experienced Audio Visual Supplier
Australia’s Most Experienced Audio Visual Supplier
NEED HELP? 1300 287 867
Are you a sole trader or the owner of a small business, turning over less than $10M per year? The Australian Government has announced new upcoming tax legislation for the 2023-2024 financial years. A Bill has been introduced to parliament containing amendments to ensure a $20,000 threshold will apply to small business entities for the 2024 income year.
This means you can now make business purchases of individual or multiple assets up to a total of $20,000 each, and instantly write off the cost from your taxable income for that financial year.
This could be something small, like a tripod or lights, or something larger like a new camera and lens package to aid in lowering your taxable income.
In order to qualify for this threshold, a range of conditions must be met by the business entity:
As the write-off threshold can be applied on a per-asset basis,
a small business entity could potentially deduct the full cost of multiple
assets across the 2024 financial year, providing that the total cost of each
asset comes to less than $20,000.
More information is publicly available on the Australian
Taxation Office website, which you can view here.
** Disclaimer **
The above information
is general in nature and does not take into account your personal financial
situation. Information has been extracted from the ATO website for awareness
only. The above does not constitute formal financial advice. You will need to seek
personal financial advice from a licenced accountant or do your own independent
research for that is tailored to your business.
Pro AV Solutions are not able to provide financial advice.
Let us know where you've seen it cheaper and we'll let you know if we can match it. When you buy from us, you're buying from the experts who use the equipment we sell every day, so you can count on us to give the best support.
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