From www.smartcompany.com.au: The Senate passed the Treasury Laws Amendment (Tax Incentives and Integrity) Bill 2024, extending the $20,000 instant asset write-off for small businesses through 2024-2025.

The measure allows businesses with an aggregated turnover below $10 million to instantly deduct the cost of eligible assets, although the threshold will drop to $1,000 without new legislation beyond June 30, 2025.

The Coalition is advocating for a permanent extension with a higher threshold of $30,000 ahead of the next federal election.