How to save $$$$ – Instant Asset Right-Off Ends 30 June 2018
With only two months to go before the end of the financial year, now is the perfect window of opportunity to purchase some new catering equipment to minimise your potential tax bill. Whether your existing equipment needs replacing or you are planning to revamp your commercial kitchen, our team at Ace Catering Equipment are perfectly placed to help you select the right equipment for your business.
The great news for small to medium businesses is that the $20,000 instant asset write-off has been extended to 30 June 2018 (EOFY). This makes it the ideal time to purchase capital assets for your business.
Here’s a quick outline of how the $20,000 instant asset write-off can benefit your business.
- If you buy an asset that costs less than $20,000, you can immediately deduct the business portion in your tax return. (Note: this $20,000 threshold reduces to $1,000 from 1 July 2018).
- You are eligible to use simplified depreciation rules and claim the immediate deduction for the business portion of each asset costing less than $20,000 if you have a turnover less than $10 million (increased from $2 million on 1 July 2016), and the asset was first used or installed ready for use in the income year you are claiming it in.
- Assets that cost $20,000 or more cannot be immediately deducted. They will continue to be deducted over time using the general small business pool. You write-off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
We recommend you check with your accountant or registered tax agent for more details on how this great tax write-off benefit may be applied to your catering business.
Therefore, what better time than now to upgrade your commercial kitchen equipment. ACE has over 2000 items in our range of quality commercial catering equipment for sale and we can offer you a choice of equipment that’s perfectly suited to your needs based on your menu and performance criteria.
Also, if you have been considering refitting your commercial kitchen we can offer you our Design Service to Health Department requirements, and we have a reliable and trusted team of shop fitters and tradespeople enabling us to offer clients a one-stop-shop turnkey service. Let us remove the stress of revamping your commercial kitchen from the design stage to fitout.
We are committed to customer service excellence and providing the best deal tailored to your commercial catering needs. Click here to view our extensive range of products and services. Contact us today @ ACE Catering Equipment, phone (07) 3279 5204 or Mobile: 0414 887 298