--- title: $20k instant asset write-off passes Parliament description: Increase your cashflow with the new $20k instant asset write-off passed by Parliament. 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Purchases of depreciable assets with a cost of less than $20,000 that a small business makes between 1 July 2023 and 30 June 2024 can potentially be written-off in the year of purchase. It’s a major cashflow advantage because the tax deduction can be taken in the year of purchase instead of over a number of years. To be eligible, the asset must be first used, or installed ready for use, for a taxable purpose between 1 July 2023 and 30 June 2024. For example, you cannot simply have a receipt for an industrial fridge, it must have been delivered and installed to be able to claim the write-off in 2024. The write-off threshold applies per asset, so a small business entity can potentially deduct the full cost of multiple assets across the 2024 year as long as the cost of each asset is less than $20,000. A Bill to extend the instant asset write-off threshold increase to 30 June 2025 is currently before Parliament. This new legislation not only presents small businesses with a significant opportunity to invest in much-needed assets but also streamlines the process by eliminating the burden of waiting for tax deductions over several years. By enabling assets costing less than $20,000 to be instantly written off in the year of purchase, businesses can enhance their cashflow and expedite the reinvestment in their operations. This financial flexibility can pave the way for growth, innovation, and sustainability, empowering small businesses to thrive in a competitive market landscape. WLM can help At WLM, our team can provide expert guidance on assessing eligibility and leveraging the instant asset write-off scheme to maximize tax benefits for your business. 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