Is your business eligible for an instant asset write off?

Are you wondering if the Instant Asset Write Off program could benefit your business?

In case you’re not yet aware, the Australian Government announced an Economic Stimulus Package during the COVID-19 pandemic to help businesses purchase new assets.

Perhaps you were looking to purchase new cleaning equipment; this scheme would enable eligible companies to claim immediate tax deductions.

Read on to learn more about what an Instant Asset Write off is, who’s eligible and some of our top products for you to consider for the scheme.

What is an instant asset write off?

An Instant asset write off is an immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 30 June 2023 (previously 30 June 2022).

Simply put, it is a tax break for businesses by allowing them to purchase capital assets and get a tax deduction.

This allows you to reduce your taxable income and make your tax returns less complicated.

You can deduct the value of the asset immediately within the first year of its purchase rather than claiming those deductions over several years.

What is the eligibility criteria?

Your business should be eligible for an Instant Asset Write Off claim if you meet the following criteria:

Annual turnover of less than $5 billion
Assets must be purchased after 6 October 2020, installed, and ready for use by 30 June 2023.
The full cost of each eligible asset is deductible
Please consult a professional tax consultant to ensure your business is eligible for the instant asset write off scheme.

As the end of the financial year approaches, it's an excellent time to purchase larger capital assets that will contribute to the success and smooth operation of your business.

Our commercial vacuum cleaners, floor polishers, sweepers and scrubbers will help keep your business clean, providing a healthy working environment.

Please contact us should you have any questions about how we can help you.

Products to consider for the Instant Asset Write off scheme

The Hako Rocket Vac XP-Plus is a high capacity commercial vacuum cleaner made in Australia.

It is the lightest vacuum in the range, with the lowest noise and the highest level of HEPA filtration.

It is super lightweight at 4.2kg on a 5L capacity unit that can be barely felt as it sits on your body whilst doing an excellent vacuuming job.

It has incredible performance as the standard filtration is matched to the airflow level - allowing it to be 40% more powerful and 62% more efficient than most other backpack vacuum cleaners on the market!

The Polivac PV25 Floor Polisher is the world’s first suction polisher, long recognized as the industry workhorse with exceptional reliability made in Australia.

Offering fast and effective cleaning on a variety of hard floor surfaces, Polivac features a unique suction ability that polishes and vacuums in one pass, eliminating the need for multiple machines.

Ideal for cleaning in Hospitals, Schools, Hotel Foyers, Polished Concrete and Basketball Courts.

It offers fast and effective cleaning for surfaces such as Vinyl, Terrazzo, Marble, Polished Concrete and Timber.

Please note there are 2 options available -
1) PV25PH with Pad Holder
2) PV25 with Bassine Brush

The Hako Flipper+ Push Sweeper is an intelligent solution for quick and easy cleaning with unparalleled sweeping performance.

It can clean four times more efficiently than the effort of a broom.

It is robust and light and designed to work its magic both indoors and outdoors.

This is the perfect machine for hospitals, hotels, large homes, pavements, parking lots, factories, and warehouses.

The Hako W34P Wizzard Multi-Purpose Electric Floor Scrubber is a high-quality mini floor washing machine designed to clean a variety of floors.

The compact and hi-tech design enables the machine to be operated under shelves, cots/tables and chairs where other machines find it hard to reach.

The rugged design of the machine ensures trouble-free and continuous operation and is suitable for any floor.

The wizard is ideal for supermarkets, hospitals, clinics, offices, commercial complexes, hotels, schools, and showrooms.

Is your business eligible for an instant asset write off?

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