2025 20 Business Deduction. Small businesses, with aggregated turnover of less than $10 million, can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 july 2023 and 30 june 2024. Understand which business expenses can be claimed as tax deductions.
Small businesses, with aggregated turnover of less than $10 million, can immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 july 2023 and 30 june 2024. Your standard deduction in 2025 will be higher than it was in 2024.