Is your business planning to purchase new equipment or have some on order? The government’s instant asset write-off program could be your ticket to significant savings! This program is ending soon, so it’s imperative to make timely, strategic decisions.
In this blog post, our expert team at Accountants Direct will guide you on making the most of this golden opportunity.
Unlocking Tax Deductions Through Instant Asset Write-Off
The government’s instant asset write-off allows small businesses to fully deduct the cost of eligible capital assets, like equipment, from their taxable income. This is an excellent opportunity to update and expand your asset base and lower your business tax liability.
Temporary Full Expensing of Depreciating Assets
Temporary Full Expensing of Depreciating Assets (TFEDA) is another incentive provided by the government that allows businesses to fully expense new depreciable assets and the cost of improvements to existing eligible assets.
For smaller businesses with a turnover of less than $ 50 million per annum, this also applies to second-hand assets.
Alert! This scheme is set to end on the 30th of June 2023, so it’s essential for your business to act now and capitalise before it’s too late!
Loss Carry Back Opportunities
Loss Carry Back provision is a powerful small business tax incentive. It enables eligible companies to carry back tax losses from income years 2019-20 to 2022-23 to offset previously taxed profits. This results in a refundable tax offset, which can provide much-needed cash flow to your business.
Consulting an Accountant for Taxes
While these tax benefits sound great, just getting started or trying to navigate the intricacies of these different tax incentives and deductions can be daunting. But don’t panic: we have specialists at Accountants Direct available to assist you! Consulting a seasoned accountant for taxes will empower your business to take full advantage of these incentives with proper planning and compliance.
Don’t miss out on the opportunity to bolster your business by taking advantage of the government’s instant asset write-off and other small business tax incentives before they expire. Be strategic, stay compliant, and let our team at Accountants Direct help you navigate the ins and the outs of maximising your tax deductions.
Unlock HUGE savings with the government’s instant asset write-off! Fully deduct the cost of eligible assets, embrace Temporary Full Expensing of Depreciating Assets (TFEDA), and seize Loss Carry Back opportunities before they end. Need help navigating tax benefits? Accountants Direct is your trusted partner.
Stephen is the CEO of Accountants Direct and is a Professional Director, ASIC Agent, Startup Advisor & Investor & Capital Raising Specialist.
Contact Stephen or his team if you have any questions about this post or any business matter in general.
