Capricorn helping members benefit from the government’s new equipment tax incentive.
Capricorn, Australasia’s largest automotive cooperative, offers finance to its Members as it helps them take advantage of a government program incentivising new equipment purchases.
The Australian Federal Government is offering an instant asset write-off on equipment purchases of up to $20,000 which are acquired before June 30, 2019 for small businesses with a turnover of less than $10 million.
Under normal circumstances, businesses would only claim a percentage of equipment purchases through depreciation. However, this Federal Government incentive scheme allows businesses to claim a full deduction immediately, meaning that businesses are not left out-of-pocket for any equipment purchased and installed prior to the end of the financial year. A number of news outlets have recently reported that only 47 percent of SME’s (Small and Medium Enterprises) in Australia are aware of this tax break.
Capricorn Finance offers highly competitive loans, providing its Members with the cash flow needed to make their workshop equipment dreams a reality.
Some Members will even be offered conditional, pre-approved finance to further streamline the financing process when purchasing new equipment before the end of financial year cut-off.
Of course, Members also benefit by using Capricorn Finance with $0 set-up fees along with being able to earn Capricorn Reward Points on the value of the loan.
For many Capricorn Members, this could be the key to expanding their businesses through the purchase of hoists, new spray booths, wheel balancers, diagnostic tools or any other workshop equipment provided by Capricorn’s vast list of Preferred Suppliers.
It is important to note that anyone who is interested in taking advantage of the Government’s instant asset write-off should consult their accountant to ensure that they meet the necessary criteria.