Starting July 1, 2023, Australia will change business tax deductions for assets, with Instant Asset Write-Off available for small businesses until June 30, 2024.

Starting July 1, 2023, Australia will implement changes in business tax deductions for assets. Small businesses (turnover < $10M) are eligible for Instant Asset Write-Off (IAWO) on assets under $20,000 until June 30, 2024. For assets over $20,000, depreciation rates apply. Medium businesses (turnover > $10M) are not eligible for IAWO deductions. The end of Temporary Full Expensing for depreciating assets may create a tax burden for businesses.