20 Business Deduction 2025. 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. $20,000 threshold from 1 july 2023 to 30 june 2025 (no extension to medium sized businesses) and revert to $1,000 from 1 july 2025;
To qualify, a business must have an aggregated turnover of less than $10 million to immediately deduct the full cost of eligible assets up to $20,000. Your standard deduction is the amount of income the federal government lets you keep 100 percent of.