If you're a small business, you can now reduce your taxable income with Attachments purchases up to $150,000 each - make tax time a good time!
To make sense of this, we have provided an example below and two distinct time lines / price brackets.
Up to $150,000 per asset
- Your aggregated small business turnover is under $500 million (not a typo).
- Your purchase/s first used / installed between March 12, 2020 and December 31, 2020.
- Instantly deduct the value of business purchase/s less than $150,000 each.
Up to $30,000 per asset
- Your aggregated small business turnover is under $50 million.
- Your purchase/s first used / installed between April 2, 2019 (7.30pm AEDT) and March 11, 2020.
- Instantly deduct the value of business purchase/s less than $30,000 each.
What else do I need to know?
Himac recommend seeking advice from your accountant for further clarification. You can read all the official details from the ATO website.
If you'd like to take advantage of the Instant Asset Write-Off, simply contact Himac today! Order attachments now and you can expect to CUT DOWN your taxable income during tax time.