The "Instant Asset Tax Write-off" currently available on Floor Sweepers & Scrubbers finishes June 30, act now!

The Federal Government threshold for instant asset tax write-off is finishing 30th June 2023! Eligible businesses (those earning up to $5 billion) can write off the full cost of any depreciable asset purchased and first used or installed before 30th June 2023*.

This means that for all of our FLOOR SWEEPERS & SCRUBBERS, there’s never been a better time to buy...so act NOW!

As a small business owner, you might be familiar with the concept of depreciation and the complicated rules that come with it. However, the Australian Taxation Office (ATO) has introduced a simpler way for small businesses to claim depreciation on their assets - the Instant Asset Write-Off (IAWO).

The IAWO allows small businesses to immediately deduct the cost of eligible assets that cost less than the specified threshold amount. This means that you can claim a deduction for the full cost of the asset in the year it was purchased, rather than depreciating it over several years.

You need to act quick because it is only available until 30th JUNE 2023, and the IAWO threshold for small businesses has been set at $165,000. This means that you can claim an immediate deduction for the full cost of any eligible asset that you purchased during the financial year, as long as it costs less than $165,000. This threshold is much higher than the previous limit of $1,000, making it easier for small businesses to invest in new assets.

There are a few rules that you need to follow to be eligible for the IAWO. First of all, your business needs to have an aggregated turnover of less than $50 million. Secondly, the asset that you purchase needs to be used primarily for business purposes. This means that you can`t claim the IAWO for assets that are used for personal purposes, even if they are also used for business purposes.

Another advantage of the IAWO is that it can be used for multiple assets, as long as each asset costs less than the threshold amount. For example, if you purchase three new floor scrubbers for your business and each one costs $4,500, you can claim an immediate deduction for the full cost of all three floor scrubbers, as long as your aggregated turnover is less than $50 million.

It`s important to note that the IAWO only applies to certain assets BUT these assets include machinery and equipment, such as Floor Sweepers and Scrubbers!

Overall, the Instant Asset Write-Off is a great initiative for small businesses in Australia. It simplifies the process of claiming depreciation and makes it easier for businesses to invest in new assets that can help them grow and succeed. If you`re a small business owner, it`s worth checking out the ATO website to see if you`re eligible for the IAWO and to learn more about how it works.