The Bright Side of Tax Time

{ "type": "article-standard", "settings": {}, "author": "Simon Blackburn", "blog_id": "", "body_html": "", "created_at": "04.05.2023", "content": "The Instant Asset Write Off allows you to reduce your taxable income by the value of Attachments you buy. This means you directly reduce your tax bill by purchasing new attachments before June 30. While the threshold this financial year (23/24) has been greatly reduced from the lofty heights of previous years, the new $20,000 threshold (per asset) means there are still plenty of options available when looking to pay less tax. Unlike previous years, items like new cars, tractors and machines are now outside of the threshold. However, as the majority of the products we sell are under that threshold, this makes attachments the ideal purchase for the Instant asset write off. To see an example in numbers, look below. <img src="https://cdn.shopify.com/s/files/1/0427/1685/6476/files/himac-attachments-blog-bright-side-of-tax-time-2024-example.png?v=1714098044" alt=""> <h4 class="hr-2">What's the main criteria?</h4> <ul> <li>Only small businesses with an aggregated turnover of $10 million or less are eligible.</li> <li>You are allowed to claim multiple attachments, as long as each attachment is under $20,000 value (inc freight).</li> <li>The total $ value used for instant asset write off is the cost of the attachment PLUS cost of delivery.</li> <li>Attachment/s must be purchased between July 1, 2023 and June 30, 2024 and must be in-use or ready for use in that time frame as well.</li> </ul> <h4 class="hr-2">Why buy before June 30?</h4> Buy BEFORE June 30 to take advantage of the tax savings when doing your next tax return (for 23/24 financial year). Any purchases AFTER June 30 can only be used for the instant asset write off for the 24/25 financial year. <h4 class="hr-2">Where do I start?</h4> Simply call our team on <a href="tel:1800888114" title="Call Himac Attachments">1800 888 114</a> for a Quote or browse our Attachment categories with the links below. <ul> <li><a href="/pages/skid-steer-attachments" title="Himac Skid Steer Attachments">Skid Steer Attachments</a></li> <li><a href="/pages/tractor-loader-attachments" title="Himac Tractor Attachments">Tractor Loader Attachments</a></li> <li><a href="/pages/telehandler-attachments" title="Himac Telehandler Attachments">Telehandler Attachments</a></li> <li><a href="/pages/wheel-loader-attachments" title="Himac Wheel Loader Attachments">Wheel Loader Attachments</a></li> <li><a href="/pages/excavator-attachments" title="Himac Excavator Attachments">Excavator Attachments</a></li> <li><a href="/pages/mini-loader-attachments" title="Himac Mini Loader Attachments">Mini Loader Attachments</a></li> </ul> <h4 class="hr-2">What about the fine print?</h4> For all the details regarding the Instant Asset Write Off, visit: <a href="https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/small-business-support-20000-dollar-instant-asset-write-off">https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/small-business-support-20000-dollar-instant-asset-write-off</a> or ask your Accountant / Financial Advisor.", "excerpt": "<meta charset="utf-8"><meta charset="UTF-8">Until June 30, the Instant Asset Write Off allows you to reduce your taxable income by the value of Attachments you buy. This means you directly reduce your tax bill by purchasing new attachments!", "excerpt_or_content": "<meta charset="utf-8"><meta charset="UTF-8">Until June 30, the Instant Asset Write Off allows you to reduce your taxable income by the value of Attachments you buy. This means you directly reduce your tax bill by purchasing new attachments!", "handle": "the-himac-herald/the-bright-side-of-tax-time", "id": "559967666358", "image": { "alt": "The Bright Side of Tax Time", "src": "//himac.com.au/cdn/shop/articles/himac-attachments-blog-bright-side-of-tax-time-2024_1x1.jpg?v=1714097363" }, "published_at": "24.04.2024", "summary_html": "", "tags": [], "template_suffix": "", "title": "The Bright Side of Tax Time", "updated_at": "2024-04-26 11:29:10 +0800", "user_id": "", "next_article": "", "previous_article": "" }