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Tradie Tax Time
Instant Asset Write-off
- Small businesses, with aggregated turnover of less than $10 million, will be able to 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 2024 and 30 June 2025
What type of purchases can be claimed?
Some examples of assets may include but are not limited to:
- Drills
- Sanders
- Saws
- Grinders
- Outdoor equipment (e.g. leaf blowers, lawn mowers etc)
- Nail guns
- Ladders
- Tool boxes
- Work lights
- High-pressure water cleaners
- Concrete mixers
Working outdoors may allow you to claim on protective clothing and items, such as:
- Workwear
- Eyewear
- Hats
- Sunscreen
- Boots
The information, materials and services in this website is provided for general information purposes only and may be subject to change. For the latest information, contact or visit https://www.ato.gov.au/. This information should not be used as, financial, legal or any other professional expert advice. You are responsible for determining the validity and relevance of the information to determine if the above applies to you.
For further information, visit the links below.
- Instant Asset Write Off for Eligible Businesses - https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Small-Business-Support---$20,000-instant-asset-write-off/
Free Tools For First Year Apprentinces In Queensland
If you are in the first year of a construction, plumbing or electrical apprenticeship, you may be eligible for a rebate of up to $1,000 to cover the cost of tools you purchased for the apprenticeship. The eligibility period for the rebate is being backdated to 1 January 2024.
What We Pay?
If you're eligible, we can reimburse you for the purchase of tools up to $1,000.
You can't claim again if you receive a rebate of less than $1,000, so it is important to consider the tool purchases you will include in your claim.
There is $4 million available under the Free Tools for First Years program, and claims will be open until the funds are exhausted.
Check Your Eligibility?
To claim the rebate under the Free Tools for First Years program, you must:
- Have commenced from 1 January 2024
- Be an active first year apprentice in Queensland
- Be engaged in either a full-time, part-time or school-based apprenticeship
- Be registered and completing an eligible apprenticeship
- Have completed the mandatory applicable training contract probationary period (90 days)
- Have purchased industry relevant tools for the apprenticeship
- Provide invoices and proof of payment or receipts for the tools purchased
- Remain active in the apprenticeship at the time of claim.
The information, materials and services in this website is provided for general information purposes only and may be subject to change. For the latest information, contact or visit https://www.qld.gov.au. This information should not be used as, financial, legal or any other professional expert advice. You are responsible for determining the validity and relevance of the information to determine if the above applies to you.
For further information, visit the links below.
