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Instant Asset Write Off, coming to end 30 June 2023. Are you needing any plant & equipment before 30 June 2023?
A popular scheme since inception, the instant asset write-off comes to an end 30 June 2023.
The instant asset write-off allows eligible businesses to claim an immediate deduction for the business portion of the cost of an eligible asset in the year the asset is first used or installed ready for use.
“The incentive was very popular when it was legislated several years ago now.” Dan Chappel, Synergy Consolidated managing Director said.
With a growing finance arm, Synergy Business Finance have noted a number of clients purchasing assets for delivery and use by 30 June 2023, before the scheme will cease.
“Stock and supply can be a concern since COVID, with many businesses ordering plant and equipment with long lead times” Marcus Barnard, Synergy Business Finance Managing Director said.
Eligibility to use the instant asset write-off on an asset is dependent on a few key factors, including:
- Your business aggregated turnover
- The date the asset was purchased
- The date the asset was first used or installed ready for use
- Whether the asset is new or second hand
The instant asset write-off eligibility criteria and thresholds have changed over the years, so checking with your Accountant or Tax advisor to confirm eligibility will assist with your purchasing decisions and correct taxation treatment.
While, getting in now to secure stock to be delivered and ready for use before 30 June 2023 is paramount. Long lead times on plant and equipment are affecting supply chains, and delays could mean ineligibility for the instant asset write off. Therefore it is important to confirm timeframes and availability now before it is to late.
To discuss Instant Asset Write offs and your eligibility in further detail, you can contact your Synergy Consolidated Client Services Advisor of Accountant directly.
Or if you’re interested in a Plant or Equipment purchase, you can discuss options with our finance team at Synergy Business Finance.
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