Running a business means juggling many responsibilities—from managing staff and expenses to exploring growth strategies and investment opportunities. With tax season on the horizon and the instant asset write-off scheme deadline fast approaching, now is the ideal time to strategically plan your business's future and maximise your tax benefits.
Understanding the Instant Asset Write-Off
As a business owner, you know how critical it is to make every dollar count. The instant asset write-off allows you to immediately deduct the total cost of certain assets in the year they are first used or installed. Typically, asset costs are depreciated over several years, but this scheme accelerates the process, offering significant tax benefits within the current financial year. For more details on eligibility, visit the ATO website.
Key Changes for 2024
Since its inception in 2015, the instant asset write-off scheme has undergone several changes. Initially, the threshold was set to revert to $1,000 from July 1, 2023, but recent legislation has raised it to $20,000 for the 2024 income year. This applies to businesses with an aggregated turnover of less than $10 million. There is no limit on the number of assets you can purchase as long as each individual asset falls under the $20,000 threshold.
Why Act Now?
The increased $20,000 threshold presents a fantastic opportunity to upgrade your business infrastructure while reducing your tax bill. Whether you need new equipment, tools, or office upgrades, this scheme makes these investments more accessible. Remember, the deadline for this scheme is June 30, 2024. With potential supply chain delays, acting now is crucial to ensure your assets are purchased and installed in time.
How Your Business Can Benefit
The instant asset write-off scheme offers versatile benefits for various aspects of your business:
Technology Upgrades: Enhance efficiency with faster computers, advanced point-of-sale systems, or upgraded software.
Fleet and Tools: Essential for delivery services, construction companies, or catering businesses—new vehicles, tools, and equipment are crucial.
Office Furniture and Fit-Outs: Create an inspiring and productive workspace with new desks, chairs, or an office makeover.
Manufacturing and Production Equipment: Increase output and efficiency with modern machinery or production tools.
Steps to Take Now
Identify and Budget for Assets: Assess which purchases will provide the highest return on investment and align with your financing capability.
Plan Financing and Cash Flow: Ensure your cash flow supports these purchases and consult Lend Brokers for optimal financing strategies.
Secure Your Assets: Be aware of ordering timelines to prevent delays and ensure timely delivery and installation.
Coordinate with Financial Experts: Collaborate with your accountant and finance team to maximise tax benefits and keep your bookkeeping precise.
How Lend Brokers Can Help
At Lend Brokers, we understand your challenges as a business owner. We specialise in securing asset finance loans to help you invest in essential assets before the EOFY, maximising your tax benefits. Our expert team simplifies the complex financing process, identifying the best loan options tailored to your needs. Leveraging our extensive network of lenders, we ensure swift approval and timely funds, enabling you to upgrade your equipment, tools, or office space immediately. Additionally, we provide strategic advice on structuring your loan to optimise tax benefits under the instant asset write-off scheme, enhancing your cash flow and driving your business growth. Trust Lend Brokers to be your partner in intelligent, efficient investment.
Don't Miss Out
The instant asset write-off scheme is a limited-time opportunity. By acting strategically now, you can save on taxes while investing in essential assets to drive your business's growth. Upgrade your technology, replace outdated equipment, enhance your workspace, and set your business up for future success.
Don't miss this valuable opportunity. Invest in your business's future and take full advantage of the instant asset write-off scheme before it's too late. Contact Lend Brokers today to discuss finance options so your new assets are purchased and installed before EOFY.
DID YOU KNOW? Multiple lenders have dropped their rates, now is the perfect time to act for great discounts on selected new or existing business loans! To see if you qualify, contact Lend Brokers and we'll connect you with top finance options.
The information in this blog post is for general informational purposes only. While we strive for accuracy, individual circumstances may vary. Readers are encouraged to contact Lend Brokers directly for personalized advice and to confirm eligibility for our services. Our experienced team is here to provide tailored guidance and discuss specific solutions based on your unique needs. Please reach out to us before making any financial decisions.
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