The $20,000 Instant Asset Write-Off and Your Business
Most of us were shocked at the budget when we saw that the Instant Asset Write-Off scheme was ending this financial year, I guess the goverment decided it was too expensive. For Australian small business owners, the Instant Asset Write-Off scheme has been a vital tool for managing finances and improving cash flow for many years, as it enables immediate tax deductions on eligible purchases. However, recent changes to the scheme mean that time is running out to take advantage of its benefits. Now is your last chance to take advantage of the scheme if you're a retailer; the Instant Asset Write-Off benefits effectively end on June 30, 2025.
What's Changing with the Instant Asset Write-Off?
Threshold Reduction
The maximum threshold for claiming an instant asset write-off will drop from $20,000 to just $1,000. This drastic reduction means that most significant purchases will no longer qualify for immediate tax deductions.
Deadline for Current Benefits
We have a deadline of less than three months. That means you must act now to purchase and install eligible assets, as waiting too long could mean missing out on substantial tax benefits. Simply ordering or paying for an asset isn't enough—it must be ready for use in your business by June 30, 2025.
So now is the time to review your POS System while you can still take advantage of the Instant Asset Write-Off scheme.
So, is your computer feeling sluggish?
Are the long queues and slow checkouts frustrating your customers and costing you? Then maybe it's time to turbocharge your business with a new computer using an ATO's $20,000 Instant Asset Write-Off!
This allows you to immediately deduct the cost of eligible computers (up to $20,000) from your taxable income. In the past, this has saved thousands of dollars for many of my clients, and it can likely save you money as well.
Here's why a new computer and the write-off are a winning combo for your business:
Unleash the Speed Demons!
- Faster Checkouts: Upgrade to the latest lightning-fast computer for even faster speeds. A new computer can improve the speed of your POS software performance.
- Boost Staff Productivity: Their time spent on the computer costs you money and reduces their time for productive work.
Here's how it benefits you:
- Improved cash flow: This deduction allows you to immediately deduct the full cost of the computers that you would otherwise have spent on depreciation over several years. This can free up a significant amount of cash flow.
- Simplified tax time: No need to track depreciation schedules for your computers. Just claim the deduction and move on.
Real Business Owners, Real Results! ️
Since upgrading our computers with the write-off, checkout times have significantly decreased. Customers are in and out in a flash, and our staff are significantly more efficient.
"The tax savings from the write-off were a huge bonus! We used the extra cash to invest in a top-notch inventory management system"
Don't Miss Out!
This opportunity ends on June 30, 2025. The computers have to be in the shop and working by then, to claim this year so if you are interested you need to move immediately
Here's a win-win solution: Upgrade your computers with the ATO's $20,000 Instant Asset Write-Off, boost your business, and save thousands on your tax bill!
Contact us today for a free consultation and discover the perfect computer to boost your business and save with ATO's Instant Asset Write-Off!
Please consult with your accountant first to verify whether you meet the eligibility criteria, as this information is for general purposes only and shouldn't be taken as tax advice.
Written by:
Bernard Zimmermann is the founding director at POS Solutions, a leading point-of-sale system company with 45 years of industry experience. He consults to various organisations, from small businesses to large retailers and government institutions. Bernard is passionate about helping companies optimise their operations through innovative POS technology and enabling seamless customer experiences through effective software solutions.