Invest in Your Business Before June 30 and Minimise your Taxable Income by up to $150,000

how to minimise tax

George Morfoulis

The end of the financial year is fast approaching, and right now, an incredible opportunity exists to minimise your taxable income by investing in your business.

For the first time, the Federal government is offering Australian businesses the chance to immediately write-off multiple asset purchases to the value of $150,000.

“This is a great prospect for anyone thinking of making business purchases in the next six months,” says AGM Director, George Morfoulis. “If possible, pushing that purchasing forward and capturing it in this financial year could be quite beneficial. Because come July, this incentive will be gone, and the asset threshold will revert to $1,000.”

This unique opportunity is part of a stimulus package worth nearly $18 billion. The original asset write-off scheme increased from $1,000 to $20,000 then $30,000 before being boosted five-fold to a staggering $150,000.

“Businesses with profits of approximately $150,000 can essentially make purchases to the value of $150,000 and pay no tax,” explains George. “Business investment opportunities like this do not come around often.”

Record-low interest rates and an array of Low Document (low doc) products make this prospect even more appealing.

To qualify for low doc finance with terms of up to 5 years:

  • Your ABN has to have been active for a minimum of one year;
  • You need a clear credit history; and
  • At least one company director must own property.
  • If a property is not owned, a minimum 20% deposit or equivalent trade-in is required.
  • No financial statements or tax returns are required; early exit is available.

At AGM Finance, we aim to provide our clients with low doc finance results in only 24 hours, ensuring you don’t miss an opportunity to purchase the right equipment for your business.

Our buying capacity as Australia’s leading truck finance broker gives us access to lower rates through more lenders than a personal application can access.

Our network of more than 30 low doc lenders ensures we get you the best rate every time.

Assets covered by this stimulus package include:

  • Trucks
  • Trailers
  • Motor vehicles
  • Agricultural equipment
  • Industrial equipment
  • Earthmoving equipment
  • Material Handling Goods
  • Construction Equipment
  • IT Equipment
  • Medical Equipment

Deductions can be claimed on new or second-hand assets, as long as they have been used or are installed and ready to use, before June 30.

These assets can be purchased in Australia or overseas, and importantly, the cost of the asset includes the purchase amount and the cost of transporting or installing it for use.

Should the item be used for both personal and business purposes, the percentage of business use is applicable to claim for depreciation.

For example, if purchasing a motor vehicle that is used 30% of the time for private use, you would be eligible to claim 70% of the expense.

The GST cost of the item is covered by the stimulus package, assuming your own business is registered for GST.

To received tailored finance solutions for your unique business circumstances, contact our team of finance specialists today.

They can provide you with an obligation-free quote and ensure you capitalize on this very limited opportunity before it expires on June 30. Call 1300 664 687

Ready to invest & save tax?

Use the calculator or form for a quick finance quote today!