Instant Asset Write-Off for Fitness Businesses: Claim Before the 2023 Deadline
Fitness businesses can take advantage of Instant Asset Write-Off by purchasing eligible assets before the end of the financial year and claiming the cost as an expense.
Partnering with Procuret enables small businesses to make purchases and pay for them over time, which can help with cash flow management.
Now is the perfect opportunity to invest in new training gear and watch your gym's revenue soar in the next financial year. Place your orders before June 30* and take advantage of our special offers.
Trade 5 Barbells – receive 5 pairs of collars FREE
Trade 8 Barbells – receive a Barbell gun rack (stores 8 bars) FREE
Trade 14 Barbells – receive a 15kg barbell of choice FREE
Trade 20 Barbells – receive a 20kg barbell of choice FREE
Contact your account manager now and mention EOFY23.
What is Instant Asset Write-Off?
Instant Asset Write-Off is a government initiative that allows small businesses to write-off the cost of eligible assets in the year they are purchased, rather than depreciating them over time. This means that businesses can claim the full cost of the asset as an expense in the year they purchase it, which can help to reduce their taxable income and save on tax. Click here to learn more »
Who is eligible for Instant Asset Write-Off?
To be eligible for Instant Asset Write-Off, your business must have an annual turnover of less than $500 million. The asset must be used or installed and ready for use in the year you purchase it. Assets must also meet certain criteria to be eligible, such as being new or second-hand and costing less than a certain amount.
How to take advantage of Instant Asset Write-Off for your Fitness Business?
To take advantage of Instant Asset Write-Off for your fitness business, follow these steps:
Check the eligibility criteria on the ATO website to ensure that the assets you want to purchase are eligible.
Purchase eligible assets before the end of the financial year.
Claim the cost of the asset as an expense in your tax return for that year.
Reduce your taxable income and save on tax.
How to pay using Procuret?
Procuret is a new partner that can help your fitness business make purchases and pay for them over time, which can help with cash flow management. To use Procuret with your Instant Asset Write-Off purchases, simply choose Procuret as your payment method at checkout and follow the prompts to set up an account and make your purchase.
*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.
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