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Instant Asset Write Off

instant asset write off tax lawn mowing business
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Instant Asset Write Off
#1

Well we seem to have a unique little opportunity here with the latest budget.

 

For a window of time we can write off 100% of the value of a newly purchased business asset, instantly, no depreciation over years - for a value of up to $20K.

 

So the question is... is anyone planning on any new purchases because of this new rule?

 

Utes, mowers, trailers?

 

For me, I'm not planning on buying anything new because of the rule, though we still have another 4 weeks till the end of the financial year, and we still have quite some time to come as well. So I'm not ruling anything out - I'm just not going out to buy anything which I don't need because of this new ruling.

 

I'm just taking things as usual, anyone got anything on their shopping list ??


Posted 28 May 2015 - 09:17 PM

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Rusty
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Instant Asset Write Off
#2

Yes good point.

Think i'll pick up a new Rover 22" tomorrow.looking at trying out a Kohler motor for a change.Not too sure what history is on those kohler engines.Due for new trailer because of rust.Yep i'll spend a few grand.

 

Just curious to what dates the govt. gave out from start to finish on this offer ?


Posted 28 May 2015 - 10:05 PM

Rusty
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Instant Asset Write Off
#3

Picked up new Rover 22 inch w/Kohler engine,new Stihl blower.Ordered new trailer to be made to specs and a cage to be fitted.Purchased new 5.5 Honda engine for another machine.Spent over $3000


Posted 29 May 2015 - 04:18 PM

wombat
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Instant Asset Write Off
#4

I think you a "right on the money" Steve. I will proceed with caution as usual. By all means take advantage of the rules as they apply at the time but I won't be borrowing money to do so. These changes still need to be passed by the Senate don't they?


Posted 30 May 2015 - 12:33 AM

sandgroper
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Instant Asset Write Off
#5

lots of depreciation left on my ute plus a few goodies brought during the year.

If we all depreciate everything to its full amount this year what about next year?

Like Steve said mower fuel and car expenses next year ouch.   


Posted 01 June 2015 - 12:18 AM

wombat
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Instant Asset Write Off
#6

Two things in this life are guaranteed:

Death and Taxes.

We may be able to prolong the results somewhat but they will both get us in the end.

Don't take me wrong, I am not a negative person by any means but I am a realist (I Think).


Posted 01 June 2015 - 01:40 AM

Iand
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Instant Asset Write Off
#7

Remember it's only a tax deduction not a rebate

If you're on 30% tax rate and spend a $100 then you don't pay tax on this $100,it will still cost you $100 and $70 after the deduction so unless you need it or are going to need it then it's a false sense of saving


Posted 01 June 2015 - 08:08 AM

Anything Ian says may or may not be garbage, it may also be his own opinion or it may not be his opinion at all, it may just be something he felt like stating anyone following his advice does so at their own risk and may be doing something Ian would actually advise against smile.png


Rusty
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Instant Asset Write Off
#8

Spending $2000-$3000 in a business as a upgrade for small machinery is peanuts.Yes you do need to spend money to make it.

i won a set of units (9) a few weeks ago as the previous contractor would sometimes go missing for a few weeks as his mower or trimmer was down for repairs,not really a pro way to run.

If anything goes a mis reach for the spare.No down time unless it's weather or health.

It's one of the easiest businesses to run with small outlay.So a couple grand every few years is small for a full time business and when the acct is saying you need to spend and i did $21,000 on a new vehicle few weeks back.


Posted 01 June 2015 - 09:33 AM

Rusty
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Instant Asset Write Off
#9

Heard a advertisement on the radio with Aust Govt saying the offer is there and harvey norman saying if you got a ABN to come in and take advantage if you qualify.

 

PS

Seen Govt. ad on TV last night.


Posted 01 June 2015 - 05:58 PM

Dan Clynk
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Instant Asset Write Off
#10

Really good thoughts guys. Im wondering if this is perfect for a new guy like me, 3 months in to get some better gear to help sustain my business in the long term.

I see it as a perfect opportunity to get the better snipper, invest in a better trailer with a ride on option for the future. Im up to 42 customers so far, gaining a couple each week.
Posted 07 June 2015 - 01:23 PM

Dan Clynk
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Instant Asset Write Off
#11

Sounds like i have a hell of a lot more to learn about running my business.

 

I was thinking when i crack the 100 customer mark, maybe a good time to spend a bit on a good trailer set up, Ill keep at it with what i have now, stick to the part time work and keep building my customer base. It's a wonderful learning curve, hopefully the chat with the tax accountant this year can point me towards some things i can improve on.

 

Thanks for the heads up Steve

 

Dan


Posted 08 June 2015 - 09:36 PM

Iand
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Instant Asset Write Off
#12

One of the better articles i have read regarding the tax write off and the actual end cost

http://www.brw.com.a...NoBF9GhyIltqe3O


Posted 10 June 2015 - 07:41 AM

Anything Ian says may or may not be garbage, it may also be his own opinion or it may not be his opinion at all, it may just be something he felt like stating anyone following his advice does so at their own risk and may be doing something Ian would actually advise against smile.png





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