YOUR ORGANISATION MAY BE ELIGIBLE FOR A GOVERNMENT TAX WRITE-OFF ON A NEW ID CARD PRINTER. TAKE ADVANTAGE OF THE BENEFITS.
INSTANT ASSET TAX WRITE-OFF COVID-19 EDITION EXPLAINED FOR YOUR BUSINESS:
What Is An Instant Asset Write Off?
Unlike regular deductions you make for your business, the $150,000 instant asset write off aims to speed up the rate at which you can claim as tax-deductible for your purchase. It allows small business owners to claim the tax deduction in the same income year the assets are purchased.
With the write-off threshold increased from $30,000 to $150,000, the Government has widened the eligibility criteria of the business. It now includes firms with a turnover of up to $500 million, up from $50 million. Assets eligible for write off include extra equipment, such as ID Card printers for your organisation.
The purpose of the instant write off is to increase the speed at which the business can make deductions for the purchases. It would encourage business owners to bring forward the investment spending that they instead were planning to invest in the future.
For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020, the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility extends to businesses with an aggregated turnover of less than $500 million (up from $50 million).
From 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:
- the business portion of the cost of new eligible depreciating assets for businesses with an aggregated turnover under $5 billion or for corporate tax entities that satisfy the alternative test
- the business portion of the cost of eligible second-hand assets for businesses with an aggregated turnover under $50 million
- the balance of a small business pool at the end of each income year in this period for businesses with an aggregated turnover under $10 million.
Is It A Good Time To Make An Investment in an ID Card Printer?
It might be a good time to consider investing in business assets you require, such as ID Card Printers and take advantage of instant write-off if your business has sustainable cash flow and you can get your asset operational.
Get Started With ID Card Printers:
If you have been thinking of upgrading or purchasing your first ID Card Printer for your business, then this might be the right time to do it. Contact CARDSERV ID to discuss a suitable ID Card Printer which is right for your organisation.
- Please consult the Australian Taxation Office Website and your organisations financial advisor to see if your organisation is eligible for the instant asset write-off and for accurate and specific financial advice.