Buy before June 30 to claim your asset write off
SYDNEY, Australia - May 27, 2024
Purchase that new or pre-loved piece of printing equipment that you want now and have it installed before 30 June 2024 and reduce your tax bill with the Federal Government's instant asset write-off for eligible purchases up to the value of $20,000.
Essentially, the scheme allows you to bring forward spending on new assets by allowing you to claim the full tax deduction upfront, and thereby reducing the amount of tax you might have to pay.
The scheme is available to small businesses with an annual turnover of less than $10 million.
So if your business needs a new Sawgrass A4 or A3 dye sublimation printer, or if you're wanting to expand your production with a 24-inch Epson F560, the full cost of all of these can be immediately deducted from your tax this financial year. Or perhaps it's time to upgrade your heat press?
Asset you want to purchase not under $20,000? No worries! Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.
This means you can still purchase an Epson F2260, F3000 or Brother GTX DTG/DTF printer before the end of the financial year and immediately place it into the small business simplified depreciation pool.
Just remember that all eligible printing equipment must be purchased and installed before June 30, 2024.
SHOP ALL EQUIPMENT UNDER $20,000!
DISCLAIMER: This article represents general information only. Before making any financial or investment decisions, we recommend you consult a financial planner to take into account your personal financial situation and individual needs.
About GJS
GJS is Australia’s premier provider of solutions and services for the textile, promotional products, custom photo gift, sign and display industries. With over 45 years’ experience, GJS supplies everything needed to start and operate a successful printing business including equipment, consumables, training and support. Headquartered in Revesby, NSW, and with additional teams located in Victoria and Queensland, GJS serves customers throughout Australia, New Zealand, and the Pacific Islands. For more information visit: gjs.co. GJS and the GJS logo are trademarks or registered trademarks of GJS. Other names are trademarks of their respective owners.