Instant Asset Write-Off Scheme Extended – 30 June 2022!
From 7.30pm AEDT on 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:
- the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test
- the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million
- the balance of a small business pool at the end of each income year in this period for businesses with an aggregated turnover under $10 million.
You can invest in an Essential Coffee commercial coffee machine or Slush System and reduce your taxable income*.
Whether you’re looking to upgrade or purchase a new machine, Essential Coffee is your one stop shop for a complete coffee solution. Enquire today or call 1300 324 111.
According to business.gov.au, the instant asset write-off “means that you can reduce your taxable income, and your tax payable, in the financial year that you bought and installed them”.
Take advantage now and speak to your tax adviser or visit the ATO website to check if your business is eligible.
With the end of the financial year fast approaching, there really is no better time to invest in coffee machines and equipment for your business. Buy now, install by 30 June 2021 and you could claim for this financial year.
*Please note: This information is general in nature and should not be considered advice, please discuss your individual circumstances with your Tax Professional.