ATO’s Unlimited Asset Write-Off Coming to an End

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The Australian Government introduced the Temporary Full Expensing in 2020 as a way to encourage businesses to make equipment purchases and take advantage of an instant asset write-off, giving businesses an immediate reprieve and in-turn, boosting the Australian economy. The Government’s 2021 budget carried on this incentive into June 2023, but have since confirmed that it will not be extended further than this. This means that small to medium businesses have until 30th June 2023 to take advantage of this tax incentive.

What is Temporary Full Expensing? It is a depreciation method that is currently available to businesses. Eligible businesses can deduct the full cost of eligible depreciating assets of any value that are first held and first used or installed ready for use for a taxable purpose at or after 6th October 2020. Items held before then are ineligible for Temporary Full Expensing. In other words, when a business makes a new equipment purchase, rather than depreciate the asset over a number of years, they will be able to depreciate the asset immediately, allowing the business for more immediate cashflow.

With the new financial year quickly approaching, now is a great time to upgrade your laundry equipment and have it installed before the end of financial year. You will then be able to claim the equipment in the upcoming tax return. See our full range of commercial laundry equipment here, including commercial washers, dryers, and finishing equipment.

For more information on Temporary Full Expensing visit https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Temporary-full-expensing/?=redirected_temporaryfullexpensing

Seek advice from your tax agent before making any purchases.

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7 Costly Mistakes You Must Avoid

When Buying Commercial Washing Machines

7 Costly Mistakes You Must Avoid

When Buying Commercial Dryers

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