{"id":5254,"date":"2023-05-11T14:57:43","date_gmt":"2023-05-11T04:57:43","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5254"},"modified":"2023-05-11T14:57:43","modified_gmt":"2023-05-11T04:57:43","slug":"heads-up-business-owners-the-asset-write-off-deadline-is-looming","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/heads-up-business-owners-the-asset-write-off-deadline-is-looming\/","title":{"rendered":"Heads up business owners: the asset write-off deadline is looming!"},"content":{"rendered":"

\"\"Business owners wanting to buy a vehicle, asset or important piece of equipment and immediately write off the full cost have just over a month to act.<\/strong><\/p>\n

That\u2019s because the\u00a0temporary full expensing scheme<\/a>\u00a0is set to expire on 30 June 2023.<\/p>\n

It will be superseded by a much less generous scheme, known as the instant asset write-off, so if your business could do with expensive new equipment, an asset or commercial vehicle, you might want to act quick!<\/p>\n

What is temporary full expensing?<\/h3>\n

Temporary full expensing is similar to the popular instant asset write-off scheme, but with an expanded scope.<\/p>\n

Originally a stimulus measure to address the effects of the COVID-19 pandemic, the scheme allows businesses to make significant asset investments.<\/p>\n

Businesses can have eligible depreciating assets immediately written off in full with no cost limit.<\/p>\n

Yep, that\u2019s right \u2026 no cost limit on eligible assets.<\/p>\n

Applied for with your tax return, the scheme can reduce the amount of tax you have to pay for the financial year \u2013 which means you can reinvest the funds back into your business sooner.<\/p>\n

Trucks, coffee machines, excavators, and vehicles are just some examples of assets eligible under the scheme.\u2063\u2063<\/p>\n

But to take advantage of it, the asset must be installed and ready to roll by 30 June 2023.<\/p>\n

So you\u2019ll have to act quickly!<\/p>\n

Asset eligibility<\/h3>\n

To be eligible for temporary full expensing, the depreciating asset you purchase for your business must be:<\/p>\n

\u2013 new or second-hand (if it\u2019s a second-hand asset, your aggregated turnover must be below $50 million);
\n\u2013 first held by you at or after 7.30pm AEDT on 6 October 2020;
\n\u2013 first used, or installed ready for use, by you for a taxable purpose (such as a business purpose) by 30 June 2023; and
\n\u2013 used principally in Australia.<\/p>\n

What if I miss the deadline?<\/h3>\n

If you miss out on the 30 June 2023 deadline, or your order doesn\u2019t arrive in time, hope may not be lost.<\/p>\n

You may still be able to take advantage of the instant asset write-off.<\/p>\n

This\u00a0scheme will allow for eligible purchases of up to $20,000 to be written off<\/a>\u00a0by 30 June 2024, as recently unveiled in the 2023 Federal Budget.<\/p>\n

However, as you might have noted, the available write-off amount is significantly lower than the temporary full expensing scheme that\u2019s coming to an end.<\/p>\n

Need a hand with a business loan?<\/h3>\n

When purchasing an asset with the intention of using this scheme, it\u2019s crucial to select a finance option that\u2019s suitable for your business.<\/p>\n

And that\u2019s where we can help out. We can present you with financing options that are well-suited to your business\u2019s needs now, and into the future.<\/p>\n

So if you\u2019d like help obtaining finance that\u2019s gentle on your cash flow, and helps you achieve your long-term goals, please get in touch ASAP so we can help you beat the EOFY deadline.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Business owners wanting to buy a vehicle, asset or important piece of equipment and immediately write off the full cost have just over a month to act. That\u2019s because the\u00a0temporary full expensing scheme\u00a0is set to expire on 30 June 2023. It will be superseded by a much less generous scheme, known as the instant asset […]<\/p>\n","protected":false},"author":23,"featured_media":5255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nHeads up business owners: the asset write-off deadline is looming! · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/heads-up-business-owners-the-asset-write-off-deadline-is-looming\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Heads up business owners: the asset write-off deadline is looming! · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Business owners wanting to buy a vehicle, asset or important piece of equipment and immediately write off the full cost have just over a month to act. 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