On May 9, the Australian Government announced its budget for the 2023-24 financial year.
There was some good, particularly the government’s ability to bring us into a surplus for the first time in 15 years, and some not so good (to put it delicately) – particularly when it comes to the Instant Asset Write-Off Scheme.
You see, as part of the measures introduced for small business, a temporary $20,000 threshold for the small business instant asset write-off scheme will apply for one year, following the end of the temporary full expensing rules.