The Budget has announced that the incentive to purchase new machinery and equipment has been extended from 30 June 2022 to 30 June 2023.
This means that rather than depreciating the asset, small businesses with a turnover of less than $5 billion can benefit from an immediate tax deduction for the business portion of the cost.
What's more, is that businesses with an aggregated turnover of less than $50 million can use the same full expensing method to the business portion of eligible second-hand depreciating assets.
The difference between claiming a deduction based on depreciation vs the full expensing method can make a big difference to your Tax Payable, or even your Tax Refund.
Fuelled by low interest rates at the moment, if you are thinking of investing in new machinery, equipment or work vehicles for your business give us a call to talk things through.
MQ Accountants - 0409 715 577
Call us today to make an appointment 0409 715 577
This articles intention is to inform rather than advise and is based on legislation at the time. Each Taxpayer’s circumstances vary so we strongly recommend that you discuss this information with your Tax Agent, Accountant or Bas Agent before implementation. If you take, or do not take action as a result of reading this article, we accept no responsibility for any financial loss incurred.
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