{
"type": "article-standard",
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"author": "Simon Blackburn",
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"created_at": "04.05.2023",
"content": "<p>The <strong>Instant Asset Write Off</strong> allows you to reduce your taxable income by the value of Attachments you buy. This means you directly <strong>reduce your tax bill</strong> by purchasing new attachments before June 30.</p>
<p>While the threshold this financial year (23/24) has been greatly reduced from the lofty heights of previous years, the new <strong>$20,000 threshold (per asset)</strong> means there are still plenty of options available when looking to pay less tax.</p>
<p>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, <strong>this makes attachments the ideal purchase</strong> for the Instant asset write off.</p>
<p>To see an <strong>example in numbers</strong>, look below.</p>
<p><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=""></p>
<h4 class="hr-2">What's the main criteria?</h4>
<ul>
<li>Only small businesses with an aggregated turnover of <strong>$10 million or less</strong> are eligible.</li>
<li>You are <strong>allowed to claim multiple attachments</strong>, as long as each attachment is <strong>under $20,000 value (inc freight)</strong>.</li>
<li>The total $ value used for instant asset write off is the <strong>cost of the attachment PLUS cost of delivery</strong>.</li>
<li>Attachment/s must be purchased <strong>between July 1, 2023 and June 30, 2024</strong> 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>
<p>Buy BEFORE June 30 to take advantage of the <strong>tax savings when doing your next tax return</strong> (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.</p>
<h4 class="hr-2">Where do I start?</h4>
<p>Simply call our team on <a href="tel:1800888114" title="Call Himac Attachments">1800 888 114</a> for a Quote or browse our <strong>Attachment categories</strong> with the links below.</p>
<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>
<p>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"><span data-mce-fragment="1">https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/small-business-support-20000-dollar-instant-asset-write-off</span></a> or ask your Accountant / Financial Advisor.</p>",
"excerpt": "<meta charset="utf-8"><meta charset="UTF-8"><span data-mce-fragment="1">Until June 30, the <strong data-mce-fragment="1">Instant Asset Write Off</strong> allows you to reduce your taxable income by the value of Attachments you buy. T</span><span data-mce-fragment="1">his means you directly </span><strong data-mce-fragment="1">reduce your tax bill</strong><span data-mce-fragment="1"> by purchasing new attachments!</span>",
"excerpt_or_content": "<meta charset="utf-8"><meta charset="UTF-8"><span data-mce-fragment="1">Until June 30, the <strong data-mce-fragment="1">Instant Asset Write Off</strong> allows you to reduce your taxable income by the value of Attachments you buy. T</span><span data-mce-fragment="1">his means you directly </span><strong data-mce-fragment="1">reduce your tax bill</strong><span data-mce-fragment="1"> by purchasing new attachments!</span>",
"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",
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"tags": [],
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"title": "The Bright Side of Tax Time",
"updated_at": "2024-04-26 11:29:10 +0800",
"user_id": "",
"next_article": "",
"previous_article": ""
}