The fiscal year 2023-2024 concludes on 30 June 2024. Businesses across the country are busy clearing their books, assessing their finances, and completing their financial reporting. This period is also crucial for ensuring all financial records are up-to-date and that businesses can take full advantage of any tax benefits.

Excitingly, the government has decided to extend the $20k instant write-off scheme. This provides a significant opportunity for businesses to reduce their tax liabilities and invest in essential assets.

Learn more about this good news and what deals you can get to make the most out of your potential tax deductions.

What Is the $20k Instant Tax Write-off

The $20k tax write-off scheme is a tax incentive designed to support small businesses. It allows them to immediately deduct full the full cost of eligible business assets costing up to $20k.

So, instead of depreciating the cost of an asset over several years, they can reduce their taxable income in the same year the asset is purchased. This provides a substantial boost to their cash flow.

Who is eligible?

The scheme applies to businesses with an annual turnover of less than $10 million. This includes a wide range of enterprises, from solopreneurs to medium-sized businesses.

What assets are tax deductible?

To qualify for the immediate deduction, the assets must be used for business purposes. Both new and second-hand are eligible, provided they’re first used or installed ready between 1 July 2023 and 30 June 2024.

These assets can be:

  • Tools and machinery
  • Office furniture and equipment
  • Vehicles
  • Computers and technology
  • Website solutions

EOFY Sale 2024: Best Deals for Your Online Growth

Investing in assets that further your business is the best way to take advantage of your tax write-offs. And with digitalisation becoming a necessity, it’s only right that you make your digital growth a priority.

Start here! Get up to 35% off our best digital solutions. This is the best opportunity to reduce your tax returns while claiming big discounts on your online essentials. Explore our offers here:

Domains – A reliable and memorable domain name is crucial in establishing your brand’s credibility online. Plus, it’s fully deductible under the write-off scheme. Save more when you get our AUssie Starter Pack Bundle this EOFY! Secure your .AU Direct domain and .COM.AU domain for only $20.99 for 1-year.

Hosting solutions (Up to 35% off) – Your website needs the best web hosting to run smoothly and efficiently. Our various hosting plans (Linux Hosting, Business Hosting, WordPress Hosting, Windows Hosting, etc.) offer resources tailored to meet your specific business needs.

Online Marketing Tools – Boost your visibility to our suite of online marketing solutions. These tools will help drive traffic, increase sales, and ramp up your conversions.

  • Simple SEO (60% off)
  • Traffic Booster (up to 30% off)
  • Business Directory (20% off)
  • Web Analytics (Up to 30% off)
  • Email Marketing (Up to 75% off)

Website Builder (Up to 40% off) – Instantly create a professional, mobile-ready, and high-converting website with Australia’s first AI-powered Website Builder platform.

Google Workspace (10% off) – Improve your team’s collaboration and productivity with access to Gmail, Drive, Docs, and other renowned business tools.

WooCommerce Online Store (Up to 50% off) – Set up a robust online store on WordPress with WooCommerce. The platform lets you easily manage your products, payments, shipping, and more in one place.

Save on Tax, Boost Your Growth

The $20k instant tax write-off scheme encourages businesses to upgrade their equipment, technology, and other tools necessary. By lowering your taxable income, you can reinvest your tax savings into areas of growth and efficiency.

Be smart with your tax write-offs! Use this amazing opportunity to streamline your process, enhance your digital presence, and expand your business online. With Crazy Domains End of the Financial Year sale, claim big savings on essential digital tools while making the most out of your tax deductions. Check out our offers today!