The NSW government is reminding all business within and outside the state to act fast to gain the ATO's $20,000 instant asset write-off. It applies to multiple asset purchases too - $20k per asset! You'll need to apply before EOFY. There's also financial help on offer in hiring apprentices.
Asset write-offs on offer until June 30th (image thanks to www.pherus.com.au )
The $20,000 instant asset write-off incentive lets you claim back 100% of a business purchase this financial year – instead of depreciating it over four years. Better still, the $20,000 limit applies per asset, so you can write off multiple eligible purchases, even if the cost exceeds $20,000 under the guidelines.
If you’ve been planning to buy office equipment, tools, plant or even upgrades for your vehicle, don’t delay. Purchase and have them installed before the 30th June 2025 deadline.
For PacPrint buyers, that means any equipment ordered would most likely need to be in stock with the supplier in order to meet the eligability guidelines.
We recomment reviewing these ATO guidelines HERE
Financial help to hire apprentices too
There's also good news for putting on apprentices or people with a disability.
To help employers tackle skills shortages in priority occupations, the Australian government is offering up to $5,000 in financial support with the Priority Hiring Incentive.
This incentive has been created to help businesses employ and train workers for jobs on the Australian Apprenticeships Priority List.
There is also the Disability Australian Apprentice Wage Support, which provides weekly payments to eligible employers.
Navigating Government incentives can be akin to wading through treacle at times, so it's important to know the eligabilities and get the paperwork right. You can explore all financial incentives on offer HERE
