For the 20-21 Budget, the Australian Government implemented a number of measures under the JobMaker Plan, including instant asset write-off, and temporary full expensing. These measures have since been extended upon by lifting the threshold and making them available to more businesses. These measures mean that businesses are able to access the benefits of investing in new assets, while not impacting business cash flow. By allowing businesses to instantly claim a tax deduction, rather than depreciating the asset over time, businesses get the best of both worlds while simultaneously stimulating the Australian Economy.
For more information we recommend speaking with your professional corporate accountant to find out exactly how this incentive could benefit your laundry equipment purchases. But hurry, it won’t last forever!
Visit the ATO website for more details.