Immediate asset write-off (30 June 2023 deadline)

Time is drawing to an end to access the generous Immediate Asset Write Off.

The program applies to assets used for business purposes, including: 

• Office equipment

• IT hardware – computers, laptops, printers, etc.

• Office and shop furniture

• Motor vehicles (capped at $64,741 in 2022–23)

• Business signage

• Air conditioners etc

While the instant asset write-off was extended to 2023, the end date is 30 June 2023 (unless extended again).

Assets need to be delivered and installed by 30 June 2023. So equipment or other assets need to be ready to use to qualify. If there is a backlog or delay in installing the asset, it won’t be eligible for the full deduction in the 2022–2023 financial year and will need to be moved into the next year (if the program is extended). 

With the instant asset write-off end date in sight, many business owners need to decide on options to reap the benefits. One of the main challenges for many businesses is finding the funds to make asset purchases. While traditional bank loans can be used to finance assets, it would need to be a chattel mortgage to access better tax benefits in many cases.