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Take Advantage of the $20,000 EOFY 2024 Instant Tax Write-Off


The end of the tax year is approaching, and exploring all available avenues is crucial to maximise your savings.
So, for therapists and therapy clinic owners, the Australian Government’s instant asset write-off offers an exceptional opportunity to invest in your practice while enjoying significant tax benefits.

What is the Instant Asset Write-Off?

  • Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.

  • This means that instead of depreciating the cost of an asset over several years, you can claim the full amount as a deduction in the year the asset is first used or installed ready for use.

  • For the current tax year, the threshold for the instant asset write-off is set at $20,000, meaning any eligible asset you purchase for your therapy centre, such as equipment, can be instantly written off against your taxable income, up to this limit.
     

How Can Therapists and Clinics Benefit?

  • Investing in new equipment for your clinic or business not only enhances the quality of care and offerings you provide but also boosts the efficiency and profitability of your clinic.


Here are some examples of how you can utilise the instant asset write-off:

  • Replace tired or aging equipment with new updated equipment shows your patients that your clinic cares and reinvests into patients therapy and experience.

  • Adding new equipment options will add to your clinics or your therapy capabilities and services offered to your patients.

So, take advantage of the instant asset write-off, it can reduce your taxable income significantly, leading to substantial tax savings.

For example, if you purchase new equipment including bundles of equipment up to the value of $20,000, you can deduct the entire amount from your taxable income; effectively saving you thousands in taxes.
 

To benefit from this opportunity.
It’s essential to act before the end of the financial year.
Here are a few steps to ensure you make the most of the instant asset write-off:

  1. Identify Your Needs: Assess your clinic and business to determine what equipment or assets could enhance your services and efficiency.

  2. Make the Purchase: Ensure that the asset is purchased, delivered, installed ready for use before the end of the financial year.

  3. Keep Documentation: Maintain detailed records of the purchase and installation dates, as well as invoices and receipts for tax purposes.

  4. Consult Your Accountant: Work with your accountant or tax advisor to ensure you correctly apply the instant asset write-off to your tax return.


Why Choose JDEN Services?

At JDEN Services, we understand the unique needs of therapists and clinics. We offer a wide range of high-quality equipment and supplies to help you elevate your clinic. Our team is dedicated to providing exceptional service, from helping you choose the right products to ensuring timely delivery and installation. Contact us today to explore our extensive selection of equipment and take advantage of the instant asset write-off before the financial year ends.
 

Contact Us

For more information on how we can assist you in making the most of the instant asset write-off, reach out to our friendly team at JDEN Services. We’re here to help you invest in the future of your centre while maximising your tax savings. By leveraging the instant asset write-off, you can enhance your clinic with the latest equipment and enjoy significant tax benefits. Make a smart investment today and see the positive impact on your practice and bottom line.
 

The information provided above should not be used as, legal, tax, financial, or professional advice.
Please consult the tax department or your tax accountant for further information.

For more information about the tax changes, please visit the ATO website https://www.ato.gov.au/about-ato/new-legislation/in-detail/businesses/small-business-support-20000-dollar-instant-asset-write-off

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