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Cutting-Edge Products and AI-Powered IT Solutions for Modern Businesses

The Databox Solutions Catalogue for April to June 2024 offers AI-powered IT solutions that transform business operations through enhanced automation, predictive analytics, and intelligent data management. This quarter’s catalogue highlights business communication solutions, including the latest in wireless communication, network infrastructure, and high-performance computing devices. With a commitment to innovation and quality, Databox Solutions aims to empower users with reliable and efficient technology to enhance productivity and connectivity.

Do you know about “small business support – $20,000 Instant asset write-off”?

As part of the ongoing efforts to support small businesses, the Australian government has announced the extension of the $20,000 instant asset write-off for the 2023–24 and 2024–25 income years. This initiative, updated on 14 May 2024, is aimed at improving cash flow and reducing compliance costs for small businesses. 

  • Eligibility: Small businesses with an aggregated turnover of less than $10 million can immediately deduct the full cost of eligible assets costing less than $20,000, provided these assets are first used or installed ready for use between 1 July 2023 and 30 June 2025.
  • Per Asset Basis: The $20,000 threshold applies on a per asset basis, allowing small businesses to write off multiple assets instantly.
  • Depreciation Pool: Assets valued at $20,000 or more can be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each subsequent year.

The Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Bill 2023, which includes this measure, is currently before Parliament. These provisions are not yet law but represent a significant step towards facilitating easier and more efficient asset management for small businesses. Vist www.ato.gov.au for more information.

For more information on the latest products and business support measures, explore the full Databox Solutions Catalogue and stay updated on legislative changes impacting small business operations.

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