How to make the most of your EOFY tax advantages

EOFY tax advantage

It is that time of the year where supplier and dealers provide offers and incentives to buy their equipment and there are many reasons why this year may be a good year to take advantage of these EOFY offers:

1 – Changes announced in the Federal Budget that increased the Instant Asset Write-Off to $30,000. 

The instant asset write-off now also includes businesses with a turnover less than $50 million. (Previously this write off was for businesses with a turnover less than $10 million).  

Businesses can claim a deduction of up to $30,000 (Ex GST) for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.

Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:

  • $30,000, from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020
    • $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
    • $20,000, before 29 January 2019.
  • The ability to buy multiple assets under the Instant Asset Write-Off Scheme.

For more detail check out our $30,000 Instant Asset Write-Off post.

2- We can arrange finance for just about anything you are purchasing – So don’t hesitate to give us a call to discuss your potential purchase and whether it is an asset that we can finance.  

3- Benefits gained from buying new or used assets – Generally, these will increase business efficiency and a reduction in the amount of tax payable as a result.