INSTANT ASSET
WRITE-OFF
CHECKLIST

1. ASSESS YOUR BUSINESS NEEDS

List your top 3-5 equipment or technology bottlenecks
Where are outdated systems slowing you down? Be specific (eg old computers causing delays in order processing).


Identify productivity gaps
What assets could streamline processes, improve output or free up staff time? (eg Automated packaging machine could reduce manual labour hours).


Look for growth opportunities
Are there investments that could unlock a new service offering, expand your capacity or tap into new markets?


Consider future needs
Are there any major changes planned for your business (new hires, expansion etc) that could influence asset needs?


2. PRIORITISE POTENTIAL INVESTMENTS

Cost vs impact
Estimate both immediate and long term return on investment (ROI) for each potential asset. Consider potential savings on labour, increased output, improved customer experience etc.

Consider financing
Evaluate the need for financing larger purchases and speak with our finance team. Factor in interest rates and how payments fit within your budget.

Check eligibility
Ensure each asset meets the scheme’s criteria (new or second hand, under $20,000, used for business purposes) and note any limitations.

Explore second-hand options
Second hand assets may be eligible by offering potential savings while still benefiting from the write-off.

3. COORDINATE WITH YOUR FINANCE PROFESSIONAL

Tax implications
Discuss the best way to maximise the write-off benefits for your specific business structure and circumstances.

Cash flow projections
Thoroughly understand how purchases will affect your cash flow, especially with financing. Plan for potential fluctuations.

Alternatives
Explore other tax saving strategies, financing options or ways to structure your asset purchases.

Recordkeeping
Ask about the specific documentation you need for tax purposes and how to organise it.

4. SECURE YOUR ASSETS

Research and compare vendors
Get at least 2-3 quotes to compare prices and terms. Consider reliability and after sales support.

Factor in lead times
Inquire about current lead times (order to delivery) and build in a buffer to avoid missing the 30 June deadline.

Check availability
Ensure that items are in stock, especially for high demand assets.

Finalise purchase orders
Place orders early and consider pre-ordering or backordering if necessary.

5. INSTALLATION AND INTEGRATION

Schedule installation dates
Plan installation dates, particularly for larger equipment or complex setups.

Ensure compatibility
Verify new assets are compatible with existing systems, software etc.

Staff training
Allocate time and resources for staff to learn to operate new assets correctly.

Maintenance plan
Factor maintenance costs and schedules into your long term budgeting.

ADDITIONAL CHECKS

Keep good records
Invoices, receipts and other documentation should be retained for at least five years.

Review regularly
Use this checklist as a starting point, adapt it to your business and review it annually.

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Contact the office

Take advantage before 30 June.


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