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Solar Powered Savings with Instant Asset Write-Off

Get in there quickly to receive your Instant Asset Write-Off.

Please note that this blog entry does not represent financial advice. Please always consult your financial advisor.

Until June 30th 2023 eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year that the asset was first used or installed for use!

Businesses will need to purchase or receive a fully installed quote from myenergi for an eddi or zappi before Tuesday June 20th 2023. Following this they may be eligible for an instant asset write-off. 

How does instant asset write-off work?

~ Businesses with an aggregated turnover of up to $5 billion may be eligible.

~ Assets can be second-hand for businesses with an aggregated turnover of less than $50 million.

~ Businesses with aggregated turnover between $50 million and $500 million may be able to deduct the full cost of eligible second-hand assets costing less than $150,000 purchased by the 31st of December 2020 and first used or installed by the 30th of June 2021.

~ New business vehicles and equipment may count as depreciating assets.

~ Deduction claims can be made for the year the equipment is used or installed, which may be the same year the equipment was financed.

~ You may be able to borrow funds to purchase equipment and still claim a deduction for the cost of eligible items.

~ Depreciating assets must be acquired after 7:30 pm AEDT on 6 October 2020 and installed and ready for use by 30 June 2023.

For more information on terms & conditions, thresholds, eligibility and exclusions, please visit: Instant asset write-off | Australian Taxation Office (ato.gov.au)

 

 

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