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As the end of the financial year approaches, it’s the perfect time for hospitality businesses to maximise their tax benefits. The instant asset write-off allows small businesses to immediately deduct the cost of eligible assets.
The instant asset write-off is a tax incentive designed to help small businesses reduce their taxable income by allowing immediate deductions on the purchase of new assets. For the 2023-2024 financial year, businesses with an aggregated turnover of less than $10 million can instantly write off assets costing up to $20,000 each.
Eligibility
To be eligible the business must have operated during the 2023/2024 financial year to access the instant asset write-off threshold of $20,000 the following conditions must be met;
The instant asset write-off scheme is only available for depreciating assets such as;
Boost efficiency and save money—Shop Now for Instant Asset Write-Off Eligible Items
Let’s take The Cozy Café as our example, a bustling local favourite, that plans to upgrade its equipment to enhance efficiency and customer satisfaction. Here’s how Bella’s Café can utilise the Instant Asset Write-Off:
Asset Purchases:
Total: $47,000
Tax Benefit:
Whether you want to enhance your kitchen, upgrade your technology, or refresh your dining area, the write-off can provide immediate financial relief. Abacus POS offers a range of high-quality hardware that fits perfectly within this tax incentive, helping you streamline operations and improve customer satisfaction.
Maximise your tax benefits today—Chat with us about eligible assets.