The Federal Government in Australia, through the ATO (Australian Tax Office) have extended the Temporty Full Expensing ( previously known as instant asset write off) initiative until 30th of June 2022.

This is an excellent initiative for new businesses wanting to increase their level of customer service and professionalism and make their business more successful and increase revenue.

Buying gear before June 30th 2021 will mean you can write off in this financial year and reduce the amount of tax you pay for this financial year.

There has been no better time to invest in equipment that will turn a profit for the business and assist you in making money for years to come.

Eligible businesses are up to $500 million turnover and any single asset can be up to $150,000 (up from $30,000).

For example, by investing in a CuttingStation or SiteStation, you will be able to instantly write this off without depreciation and expense the whole amount in the first year.

Prior to this Temporary Full Expensing policy this would have had to be written off over a number of years. This is of course dependent on the asset you are investing in.

*Any advice is general in nature and you should seek advice from your tax advisor or accountant.