Australian firms that invest in technology before the end of financial year can take advantage of almost immediate tax benefits.
With the end of the financial year (EOFY) approaching fast, Australian engineering and architecture design firms that invest in technology solutions now, before the cut-off date of June 30, 2017, can take advantage of almost immediate tax benefits.
If your company has a turnover of less than $10 million and purchases an asset that costs under $20,000 prior to July 1, it can immediately deduct the business portion in its 2017 tax return. The asset can be brand new or second-hand and, as long as it's installed or ready to use in this current financial year, your company will be eligible to claim the deduction.
It's important to note that purchases of $20,000 or over can't be immediately written off. But they can still be deducted over time from the balance of your small business asset pool (before applying any other deduction for depreciation) if less than $20,000 at the EOFY.
How to make the most of the EOFY
Any organisation that is taking good care of its bottom line will typically try to make prudent decisions when it comes to purchasing products and services. Part of this process should involve careful research and selection of assets to be procured, negotiating with suppliers for better rates, or waiting for times when cashflow is good, or when sales, special deals or tax benefits are on offer.
In Australia, the weeks leading up to the EOFY are an opportunity for firms to acquire valuable new assets such as technology solutions in a tax-effective manner. In today's fast moving digital world, having the latest software or hardware relevant to your business needs can certainly make a huge difference when it comes to matching the competition and staying relevant with your customers.
Tax-effective design technology and services
Construction is booming in Australia and is a good example of an Australian industry that is increasingly reliant on the latest technology to power its growth. When it comes to office-based solutions, engineering and architecture firms in particular are now leveraging upon specialised design tools to provide their critical services.
From CAD software to 3D printers, today's architects and engineers certainly have plenty of technology to choose from to help them find new efficiencies and levels of innovation in their design and planning work. If you're in the industry and need some ideas for strategic purchases before the EOFY, here's a list of some tax-effective solutions you may wish to acquire:
About Autodesk Cloud Credits - Special offer
Autodesk Cloud Credits allow you to perform cloud-based functions from your existing Autodesk software such as simulation and rendering.
Redstack is currently offering a special deal for a 5,000 pack of Autodesk Cloud Credits. Normally $1.65 each when purchasing 100, now only $1.29 per credit when you buy a 5000 pack this month from store.redstack.com.au. By purchasing this offer before the EOFY, you can potentially gain a double benefit in terms of both the savings and the tax write-off.
CAD software training
Signing up for CAD software training course can also be a tax-effective way to enhance your organisation's ability to get the most out of its design tools. Redstack offers a range of training options depending on your needs. We understand that informing our customers from the outset can help them achieve a much higher return on their software investment and in a quicker time. See current dates and pricing for some of our most popular classes:
To find out more about any of the products or services mentioned above, and how your organisation can take advantage of the tax benefits this EOFY, contact us today on 1300 667 263.