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Make the most of tax-time this year

Posted on: May 1, 2017 by Tim McClare

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Tax time can often feel like pulling teeth.

But it’s not all doom and gloom. Check out our top tips to make the most of tax-time for businesses and consumers.

Using your vehicle for business purposes?

Tip 1: $20k Instant Asset Write-Off

The Government recently announced an extension to the popular $20,000 instant asset write-off. This concession enables small businesses to immediately write-off depreciable assets that cost less than $20,000.

 A new car or equipment is a perfect fit for the scheme,  so if your business qualifies you may wish to upgrade your vehicle to make the most of this concession. If businesses don’t have the cash-flow to purchase an asset, it can be purchased under finance.

Tip 2: Maximise your Depreciation

Don’t qualify for the instant asset write off? Then begin by asking yourself the question: Are you still getting the best tax benefit from your vehicle?

Depending on the age of your vehicle, you could be missing out on a better depreciation benefit on this year’s tax return. To ensure you’re getting the best benefit, it might make sense to upgrade to a new vehicle before 30 June.

Individual circumstances may differ, so we’d recommend speaking with your accountant to check if this scheme applies to you.

Consumers & Businesses

Tip 3: Fast-forward your 2017 New Car dream

The annual EOFY sales are typically the best time of year to score a great price on a new vehicle. Why? Car dealers typically end the financial year with big push to reach targets, meaning some impressive discounts are up for the taking.

So if you were considering a new car during 2017 you might want to fast-forward your purchase to get in while prices are at their lowest.

Additionally, with up to 6 weeks delivery on many new vehicle orders, get in quickly or you might miss your chance for a bargain.

Need help with a new car and finance?

Our team is ‘tax-time’ ready to assist. Contact us to find out more.

Disclaimer: The information/advice provided in this article is general advice only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.

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