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Learn how the Instant Asset Write-Off 2025 supports small businesses and primary producers with key rules and tax-saving tips.

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Instant Asset Write Off, coming to end 30 June 2023. Are you needing any plant & equipment before 30 June 2023? A popular scheme since inception, the instant asset write-off comes to an end 30 June 2023. The instant asset write-off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an eligible asset in the year the asset is first used or installed ready for use. “The incentive was very popular when it was legislated several years ago now.” Dan Chappel, Synergy Consolidated managing Director said. With a growing finance arm, Synergy Business Finance have noted a number of clients purchasing assets for delivery and use by 30 June 2023, before the scheme will cease. “Stock and supply can be a concern since COVID, with many businesses ordering plant and equipment with long lead times” Marcus Barnard, Synergy Business Finance Managing Director said. Eligibility to use the instant asset write-off on an asset is dependent on a few key factors, including: Your business aggregated turnover The date the asset was purchased The date the asset was first used or installed ready for use Whether the asset is new or second hand The instant asset write-off eligibility criteria and thresholds have changed over the years, so checking with your Accountant or Tax advisor to confirm eligibility will assist with your purchasing decisions and correct taxation treatment. While, getting in now to secure stock to be delivered and ready for use before 30 June 2023 is paramount. Long lead times on plant and equipment are affecting supply chains, and delays could mean ineligibility for the instant asset write off. Therefore it is important to confirm timeframes and availability now before it is to late. To discuss Instant Asset Write offs and your eligibility in further detail, you can contact your Synergy Consolidated Client Services Advisor of Accountant directly. Or if you’re interested in a Plant or Equipment purchase, you can discuss options with our finance team at Synergy Business Finance .

Single Touch Payroll (STP) was introduced as an Australian Government initiative to reduce employers’ reporting workloads to relevant government agencies regarding payroll information on: Salaries and wages Pay as you go (PAYG) withholding Superannuation An expansion of STP, referred to as STP phase 2 will look to further streamline reporting information about employees to government agencies, especially where employees need to report to multiple government agencies. What are the benefits of STP Phase 2 for employers? The ATO will use the STP Phase 2 information to streamline employer interactions. For example: Employers no longer having to send employee tax file declarations to the ATO. Your employee will provide it to you, and you’ll need to keep it with your employee records. If you’re using a concessional reporting option, such as for closely held payees or for inbound assignees, you’ll be able to tell the ATO through reporting income types. If you make a Lump sum E payment, you won’t need to provide Lump sum E letters to your employees. You’ll have included the amount and the period it relates to. If you change software or your employee’s payroll ID, you can tell the ATO in your STP report if your solution has this functionality. This will help fix issues with duplicate income statements for employees in ATO online services through myGov. Payroll information you report to us will be shared in near real-time with Services Australia to be able to streamline requests: For you to provide or confirm employment and payroll information about your employees Businesses may also no longer need to provide separation certificates when their employees leave – with the date and reason an employee’s leave being in the STP report. Businesses can also voluntarily report child support deductions or garnishees (or both) through STP. This reduces the need to send separate remittance advices to the Child Support Registrar. STP phase 2 was to start from 1 January 2022 with many payroll software provides obtaining exemptions to the start date of STP phase 2 reporting which are now approaching. For example the following payroll software providers have obtained STP Phase 2 exemption start dates to the following start dates. MYOB payroll users start date for STP phase 2 reporting is 1 January 2023 Xero payroll users have a start date of 31 st March 2023 for STP phase 2 reporting. Reckon payroll users have a start date of 30 th June 2023 for STP phase 2 reporting. You should ensure your payroll software is STP phase 2 compliant and you are reporting your STP information correctly as Single Touch Payroll reporting is compulsory. If you or your software provider has an exemption to a later start date to report using STP Phase 2 please be aware of the start date of Single Touch Payroll Phase 2 and ensure you are reporting correctly at this time. If you have any questions or wish to discuss single touch payroll, you can contact the team at Synergy Consolidated directly.

We’re thrilled to announce Ross Grieve has officially become a Director at Synergy Consolidated . Ross has been a valued part of our team, joining us as a Senior Accountant in 2016, growing with our team and fostering the progression of his 14-year career further. “Through consistent training, mentoring and opportunities, I have always said that I learned more about how to be a good, well-rounded accountant in my first year at Synergy than I had in my previous years in the industry” Ross said. “When the opportunity to move to the Sunshine Coast to grow the team and business in a new location came about, I was supported by the teams in both locations to make the transition such a success. The move has been one of the most rewarding experiences of my life” Ross added. Ross now heads up our Sunshine Coast office and brings a wealth of knowledge to the area, specialising in hospitality, disability support services, agribusiness and civil works industries. “I’ve built some long-standing friendships with the Synergy team and Director’s, and have had the pleasure of working alongside some very successful, dedicated and above all friendly business owners already” Ross added. Congratulations Ross!