As the end of the 2018/2019 financial year draws closer by the day, it’s time to consider if you’ve managed to make the most of the instant asset write-off.
We get it, keeping track of the asset write-off is difficult when you’re busy running a business, but recent changes passed by both houses of parliament will make it even more worth your while to consider purchasing new equipment for your NSW dental practice. Read on to find out how the changes passed in parliament earlier this month will impact your business.
What is the new write-off threshold?
The newly established amendment to the asset write-off for small and medium business with an annual turnover of less than $10 million is now comprised of three tiers to consider in the 2018/2019 financial year.
The first tier relates to depreciable assets acquired before January 29, 2019. For this tier, there is a threshold of $20,000 for assets acquired before this date during the 2018/2019 financial year.
The second tier is the $25,000 threshold for assets first used or installed between January 29, 2019, and April 2, 2019.
The third tier includes the $30,000 threshold for assets first used and installed after April 2, 2019, and before July 1, 2020.
What this means for your NSW dental practice
If you have a piece of dental equipment you would like to replace, or your dental surgery simply needs a bit of a refresh, now is the time to do so. It’s time to take advantage of the new asset write-off threshold and purchase the items on your wishlist.
Need some help deciding what is the best fit for your NSW dental practice? From dental chairs to sterilisers, we have a wide range of dental equipment and consumables for all dental practices. Call Presidental today on 1800 773 743.