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ATO’s Small Business Instant Asset Tax Write-Off.

Small businesses, with aggregated turnover of less than $10 million, can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.

On 14 May 2024, as part of the 2024–25 Budget, the government announced it will continue to improve cash flow and reduce compliance costs for small businesses by extending the $20,000 instant asset write-off by a further 12 months until 30 June 2025.

This measure is not yet law. (updated 1st July 2024)

Please see the link below for more information and to see if your business is eligible and/or talk to your Accountant and ask them if the purchase of a ReproScan Package will be able to used as an instant tax write off.

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