As we all know, the $30,000 instant tax deduction is in place for another year, and with the end of financial year fast approaching PLUS the launch of the Highgate Air Tax Time catalogue - full of incredible deals – the time is now to take advantage of the policy.
Do you turn over less than $50 million in a financial year? Then you’re likely eligible to utilise simplified depreciation and claim the immediate deduction for the business portion of each depreciating asset that costs less than $30,000.
A depreciating asset means the item or items purchased need to be used in the course of business and needs to have a limited shelf-life – an asset that is likely to decline in value over time.
Tax time aside, we are moving into A/C off season, meaning right now is the best time to update your tools and equipment and upgrade your business to take your services to the next level for next summer. The Highgate team is here to help you grow – with honest, valuable and excellent industry specific knowledge and advice – we are experts in our field and are able to deliver the best service Australia wide, from smart cars to trucks and dozers!
The offseason is the perfect time to learn new industry techniques, upskill yourself or your technicians and introduce tools and equipment that ultimately save you time and add undeniable value to your end customer and of course, your bottom line.
*This information was sourced from the ATO.gov.au website. Please consult with registered tax agents and BAS agents to determine your entitlements.