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Maximise your fitness business benefits: Instant Asset Write-Off before the 2024 deadline

Fitness businesses have a valuable opportunity to utilise the Instant Asset Write-Off by purchasing eligible assets before the end of the financial year, allowing them to claim these costs as expenses.

By partnering with Procuret, small businesses can make these purchases and manage their payments over time, improving cash flow management.

 

Understanding Instant Asset Write-Off

The Instant Asset Write-Off is a government initiative designed to support small businesses. It allows them to deduct the full cost of eligible assets in the year of purchase rather than depreciating them over several years. This immediate deduction can significantly reduce taxable income and provide substantial tax savings. For more detailed information, click here »

 

Eligibility for Instant Asset Write-Off

To qualify for the Instant Asset Write-Off, your business must have an annual turnover of less than $500 million. Additionally, the asset must be used or installed and ready for use within the same year it is purchased. Eligible assets include both new and second-hand items, provided they meet specific cost criteria.

 

Steps to utilise Instant Asset Write-Off for your fitness business

  1. Verify Eligibility: Check the ATO website to ensure the assets you plan to purchase qualify.
  2. Make Timely Purchases: Buy eligible assets before the financial year ends.
  3. Claim Expenses: Deduct the asset's cost as an expense in your tax return for that year.
  4. Save on Taxes: Benefit from reduced taxable income and lower tax liability.

 

Managing payments with Procuret

Procuret is a partner that helps fitness businesses manage purchases through flexible payment plans. To leverage Procuret for your Instant Asset Write-Off purchases, select Procuret as your payment method during checkout. Follow the prompts to set up your account and complete your purchase, enabling better cash flow management for your business.

https://procuret.com/

*Please note. You are responsible for consulting your own tax advisor as to the tax consequences associated with your options. The tax rules governing options are complex, change frequently and depend on the individual taxpayer’s situation.

 

Take advantage of Instant Asset Write-Off this financial year. Speak to your account manager and lock in your extra discount now!

 

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