Take Advantage of the $20,000 Instant Asset Write-Off Before June 30. With tax time fast approaching, now is the ideal moment to invest in new attachments and take full advantage of the Instant Asset Write-Off.
What Is the Instant Asset Write-Off?
The Instant Asset Write-Off allows eligible businesses to immediately deduct the cost of assets under $20,000 from their taxable income. This means if you purchase attachments before June 30, you can reduce your tax bill this financial year.
Better yet, you can claim multiple attachments, provided each one is individually under the $20,000 threshold.
Here’s an Example
Let’s say your taxable income is $250,000 and you purchase $80,000 worth of attachments — all individually under the $20,000 limit.
Your Taxable Income
$250,000
Total Spend on Attachments
$80,000
New Taxable Income
$170,000
That’s a significant saving, just by upgrading your gear before the end of financial year.Â
To benefit in your upcoming 2024/25 tax return, you must purchase before June 30, 2025. Any purchases made after June 30 will only be claimable in the 2025/26 financial year, which means you’ll have to wait another full year to see the benefits.
Act Now!
Now’s your chance to upgrade your gear and reduce your tax. Talk to your accountant or financial advisor to confirm eligibility and take advantage of the write-off while you still can.
👉 For full details, visit the ATO:
ATO Instant Asset Write-Off Info
Need Help finding the Right Attachment?
Contact the Kerfab team today to get a quote or discuss your options by calling 1800 818 079 or email sales@kerfab.com.Â
Alternatively, browse our full range of buckets, hay forks, grabs & grapples, pallet forks and more today!
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