About Tyron Hyde
Tyron Hyde is the CEO of Washington Brown Quantity Surveyors. He is regarded as one of the industry's leading experts in property tax depreciation, is regularly quoted in the media & asked to speak at conferences.
Tyron hosts a podcast called "Ten with Ty" where he interviews Australia's most successful investors as a lasting legacy for his daughter and followers, teaching them how to build and maintain wealth.
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Tyron has a Degree in Construction Economics (UTS) and is a Fellow of the Australian Institute of Quantity Surveyors. He began his career at Washington Brown in 1993 as a wide-eyed intern looking for a break in the industry. Twenty eight years later, he is now the sole owner of Washington Brown Depreciation Pty. Ltd.
With his passion and knowledge of property depreciation, Tyron is a regular speaker at industry conferences and is often quoted in national media. He has also published numerous articles and books including his popular Keep Claiming It book.
Instant Asset Write-Off: How to Claim
There has never been a better time to upgrade your office and claim the Instant Asset Write-Off (IAWO).
This tax benefit allows you to claim immediate deductions for eligible office purchases, turning your investments into tangible tax savings.
At Washington Brown, we’ve helped countless clients understand how to maximise this incentive—and now, I’m here to help you do the same.
Who Can Benefit from the Instant Asset Write-Off?
The IAWO is designed to make upgrading your business easier and more affordable. If your business has aggravated annual turnover of less than $500 million, you’re eligible to claim.
What Can You Claim for Office Fit-Outs?
Here are some common office expenses you can claim:
Furniture: Chairs, adjustable desks, and storage solutions.
Technology: Computers, printers, monitors, and AV equipment.
Fixtures and Fittings: Lighting, modular partitions, and office décor.
Office Equipment: Air conditioning units, coffee machines, or anything that keeps your team comfortable and productive.
“When businesses ask me what qualifies, I tell them to focus on items that directly improve the workspace and are under $20,000 each,” I often advise.
What Doesn’t Qualify?
There are limits to what you can claim, such as:
Permanent structural upgrades to your office building.
Leased items that aren’t purchased outright.
The $20,000 Threshold: What You Need to Know
For the 2023-2024 financial year, you can claim a full deduction for assets costing up to $20,000 per item. That’s perfect for most office fit-out purchases like desks, meeting room tech, or office kitchen appliances.
What If My Purchase Exceeds $20,000?
If an item costs more than $20,000, don’t worry—it can still be claimed through depreciation over several years. This is where professional advice can help you navigate the rules and maximise your return.
Check the Australian Taxation Office for more information and updated thresholds.
Claiming the Write-Off: A Step-by-Step Guide
If you’re ready to take advantage of the IAWO, here’s how you can make it happen:
Buy and Use the Asset in Time
Make sure the item is purchased and installed during the financial year you’re claiming for. Timing is everything!
Keep Good Records
Hold onto invoices, receipts, and payment details. You’ll also need to record when the item was first used in your business.
Get Expert Help
At Washington Brown, we always recommend working with a tax professional to ensure your claims are accurate and complete.
“It’s not just about buying assets; it’s about documenting them correctly so you can maximise your savings,” I often tell clients.
Why Office Fit-Outs Are a Smart Investment
The Instant Asset Write-Off isn’t just about tax savings—it’s about setting your business up for success.
Boost Cash Flow
It is better to claim deductions straight away as they help cashflow. Remember a dollar today is better than a dollar tomorrow.
Create a Productive Workspace
Modernising your office with ergonomic furniture or better technology can boost productivity, improve team morale, and make a lasting impression on clients.
“A well-designed office isn’t just an expense; it’s an investment in your team and your business’s future,” I always say.
Learn more about commercial property depreciation here.
What’s New in 2023-2024?
Updated $20,000 Limit
For this financial year, the Australian Government allows businesses to claim up to $20,000 per item. This increases cashflow and it is $20,000 per item. This can add up very quickly!
Fit-Out Trends to Consider
With the rise of hybrid work, businesses are focusing on flexible office designs. Popular purchases include:
Standing desks.
Smart meeting room technology.
Acoustic pods for private calls or focused work.
Real-Life Examples: Success Stories
At Washington Brown, we’ve helped many businesses leverage the Instant Asset Write-Off for office upgrades. Here are a couple of examples:
A Startup’s Office Transformation
One of our clients used the IAWO to buy desks, monitors, and chairs. Their $18,000 investment resulted in a better work environment and a reduced tax bill.
Creative Studio Expansion
A design agency revamped their leased office by adding stylish lighting, movable partitions, and a high-tech AV system. By keeping each item under the $20,000 limit, they maximised their deductions.
Claim Instant Asset Write-off Today
FAQs: Your Questions Answered
What Can I Claim for My Office?
Eligible items include furniture, equipment, and technology directly used in your business operations.
Can I Claim Fit-Out Costs for a Leased Office?
Yes, as long as the items are not permanently attached to the building.
How Can I Stay Under the $20,000 Limit?
Focus on individual purchases and the cost of the asset then work with your accountant to ensure eligibility.
Final Thoughts
The Instant Asset Write-Off 2024 is one of the best ways for businesses to deduct the full cost and save you money while improving their workspace. Whether you’re upgrading your furniture, installing better lighting, or investing in new technology, this incentive makes it easier to create a productive, modern office.
At Washington Brown, we’ve helped countless businesses make the most of their tax benefits. If you’re planning an office fit-out, now’s the time to act—don’t leave your savings on the table!
“Take control of your office upgrades and your tax savings. With the Instant Asset Write-Off, you can do both,” I always remind my clients.