Earlier this year the Federal Government announced it would extend the instant asset write-off for another year, and in the Budget announcement the Treasurer has added another sweetener for small health and fitness businesses - extending the threshold to $30,000.
When it comes to small business cash-flow is king, and being able to invest in your business to promote growth is crucial. With the end of the financial year just around the corner, now is the time you should be looking to take advantage of the instant asset write-off to give your business a boost leading into the second half of 2019 and beyond with the AxIT system which qualifies for the Instant Tax Write Off.
Measure movement baselines, track progression over time, identify key areas to work on and improve client compliance in adhering to exercise programs and grow your business with the AxIT system taking advantage of this unique opportunity before June 30!
The instant asset tax write off has been available to small businesses with a turnover of less than $10 million for the past few years. It enables businesses to instantly deduct assets instead of claiming deductions over a number of years making it easier to invest in equipment that is going to help your business.
In January, the Prime Minister announced that the threshold for assets purchased under the scheme would increase to $25,000. As part of the April Federal Budget and with the Coalition retaining government that amount was increased again to $30,000.
Small business entities (i.e. those with aggregated annual turnover of less than $10 million) will be able to immediately deduct purchases of eligible assets costing less than $30,000 that are first used, or installed ready for use, from Budget night (i.e. 2 April 2019) to 30 June 2020.
Small businesses can continue to place assets which cannot be immediately deducted into the small business simplified depreciation pool and depreciate those assets at 15 per cent in the first income year and 30 per cent each income year thereafter.
For more information speak to your accountant as to whether your business will qualify.
"The AxIT system really pays for itself. If you're retaining clients and getting great outcomes, creating new services and using it in your marketing at sporting clubs or gyms it will actually make you money."
"This is the future of assessment with customisation that you don't get with other data systems out there. No more paying $100k for a machine that can only assess a knee, hamstring or back. This is an affordable way to test every part of the body."