What is the Instant Asset Write-Off?
The instant asset write-off is a government led scheme that lets you decrease your taxable income by writing-off the depreciation on work-related asset purchases ‘instantly’, instead of claiming smaller depreciation each year. If you purchase any depreciating business assets (new or second-hand) before 30 June 2021, you can claim them on tax this financial year. So you can invest in vital business equipment and claim the depreciation back in one deduction instead of having that money tied up in assets for years. Sounds like a win-win, right?
What assets are eligible?
Assets eligible for the Instant Asset Write-Off include:
How to take full advantage before June 30
Although it definitely makes sense to take advantage of the scheme to invest in new tools or office equipment, you might not have the working capital available. Or if you do, having this investment tied up in your assets for months or years will impact your day-to-day management of the business. An unsecured business loan can provide fast, short-term finance to help solve cash flow issues, and help you take advantage of this brilliant tax break before the end of financial year.
Am I eligible? How do I take advantage without impacting my cash flow?
Check out our in-depth guide on the Instant Asset Write-Off to find out works, if you’re eligible, and how to use it to invest in your business.
Easy to apply.
Simple as 1, 2, 3.
Apply online in just ten minutes, by following these 3 easy steps:
Have questions? Speak to a real human on 1300 88 09 72 weekdays 9am - 5pm AEST
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