Source: SmartCompany
The turn of the financial year will bring some notable changes for the nation’s small business sector, spanning from tax updates to apprentice hiring incentives and increased financial penalties.
Here is a brief list of the changes small businesses can expect to face from July 1, 2024.
Instant asset write-off
Small businesses will be free to claim instant tax deductions on eligible purchases up to $20,000, thanks to a continuation of the instant asset write-off scheme.
That threshold will cover purchases made and installed or ready for use between July 1, 2023, and June 30, 2024.
The measure will become law after the Labor government and the Coalition ended a parliamentary dispute over the size of the deduction, in order for the policy to apply for 2023-2024 tax returns.
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