will the instant asset write-off be extended to 2024 Page 387

Short answer: yes—Australia’s instant asset write‑off applied through 2024, and the 2024–25 Federal Budget extended the $20,000 threshold for small businesses (turnover under $10m) to 30 June 2025.

Eligible assets—new or second‑hand—costing under $20k can be immediately deducted if first used or installed ready for use between 1 July 2023 and 30 June 2025.

It’s the tax equivalent of a free kick from 30 metres: handy, but you still have to kick straight—car limit caps and other rules still apply.

For the fine print and any late legislative tweaks, check the ATO or your accountant before you start swiping the card.