Could you soon instantly write off $20K?

Are you a small business or sole trader?

The Australian government’s proposed $20,000 instant asset write-off for small businesses has been extended until 30 June 2025, potentially providing a fantastic opportunity for business owners to invest in their home office or business premises setup.

In the 2024-25 Budget announcement on May 14, 2024, the Australian government proposed an extension of the $20,000 instant asset write-off for small businesses. This measure was previously announced in the 2023-24 Budget (also still before parliament). and aims to assist small businesses by allowing them to immediately deduct the full cost of all eligible assets costing less than $20,000.

It is important to note that these measures are not yet legislated and are currently under consideration by the Parliament as part of the Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023.

The latest information from the ATO can be found here.

But you might want to watch this space!

Under this proposed extension, small businesses with an aggregated turnover of less than $10 million will be able to instantly write off multiple assets that are first used or installed ready for use between July 1, 2023, and June 30, 2025. Assets valued at $20,000 or more, which cannot be immediately deducted, can be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each year after that. 

Put simply, small businesses with an aggregated turnover of less than $10 million would be able to immediately deduct the full cost of every eligible asset costing less than $20,000. One of the key areas where small businesses might be able to benefit from this instant asset write-off, should it be legislated, is in setting up or upgrading their home office or business premises solutions.

While the proposed instant asset write-off is fantastic news, it is still under consideration. It’s essential for small business owners to stay informed about this potential opportunity, as well as current rules, and get some expert advice. There are already multiple deduction methods to claim business expenses, and existing depreciation rules that apply to any eligible business purchases.  So, regardless of whether this proposed measure is legislated (or if it is and the purchase does not meet the requirements for instant asset write off), you should discuss this with your accountant.

The smart choice

But all this aside, choosing a PreCrafted home office solution offers numerous benefits that make it an attractive option for small businesses and those working from home.

With prices starting from around $10,000 for an ample-sized space, investing in a quick, easy and cost-effective Greenspan building can be a smart choice for small business owners.  

Some of the many benefits of choosing the PreCrafted route over a traditional extension or home renovation include:

1. Quick to complete: After almost 50 years of expertise in this industry, creating your home office is a quick, easy, trusted and reliable process with us. From initial design to PreCrafting in our Sydney factory to delivery to site…the entire process can be completed in just weeks. And with council exempt options available, you can get your new home office or workspace with almost no hassle, and in no time at all! 

2. Quick installation: Our buildings are crafted off-site, then delivered in prefabricated modular parts to the last delivery vehicle access point, ready for rapid on-site installation. This minimises disruption to your daily business operations and allows you to start using your new workspace sooner. Time is money! 

3. Portable: Our buildings are precision-engineered and PreCrafted using a clearspan roof design and a modular panel system that allows it to be fully portable as a completed structure, once installed. Easy to crane in and out of location, should you move home or business location, your home office or workspace can go with you!  

4. Customisable designs: We offer a large variety of designs, sizes and personalisation features to ensure your specific requirements and aesthetic preferences are met. Recognising that every customer is unique, we prioritise a collaborative and flexible design process that brings your specific vision to life. After all, your new workspace needs to represent you and your business, while being both functional and aesthetically pleasing. 

5. Cost-effective: Prefabricated buildings are often more affordable than traditional construction methods, making them an attractive option for small businesses looking to maximize their instant asset write-off benefits. By investing in a PreCrafted home office from Greenspan, business owners can create a dedicated workspace without breaking the bank. 

6. High quality: Our PreCrafted home office solutions are constructed using high-quality materials boasting superior thermal and acoustic insulation. This creates a comfortable, peaceful and productive working environment, all year-round. A well-insulated high-quality space also helps to lower energy bills by naturally regulating   temperatures and minimising the need for heating and cooling. And of course, being built with premium materials using precision engineering and manufacturing techniques means structural integrity and durability – a home office built to last! 

7. Sustainable and energy efficient: Our buildings are designed with sustainability in mind. As an inherently environmentally conscious building process and an energy-efficient finished product, you can rest assured that your business’s carbon footprint is minimised. And you lower your ongoing energy costs. It’s a win-win! 

A smart future investment, no matter the outcome

At Greenspan, we are committed to helping small businesses and remote workers create the ideal home office environment. Our PreCrafted building solutions are designed to maximise your workspace’s potential while minimising costs and disruption to your daily operations. Take a look at our project gallery to see some of the incredible home office spaces other Greenspan customers have created.

To learn more about how our PreCrafted home office solutions can benefit your small business or enhance your work-from-home experience, give us a call. We’ll be happy to discuss your specific requirements and help you find the perfect solution. Whether you’re looking to take advantage of the possible instant asset write-off or simply invest in a high-quality, efficient workspace, our team is ready to assist you.