For businesses looking to expand or get a competitive advantage, new equipment is often a great way to do it.
- Increase capacity for growth – The right tools can significantly boost your operational capacity.
- Replace outdated equipment – Outdated computer systems or machinery can hinder productivity. Upgrading to the latest equipment ensures that your business keeps pace with current technologies.
- Cost efficiencies – Bigger and better equipment isn’t just about capacity – it’s also a strategic move for cost efficiency. Modern equipment often allows businesses to produce more with less effort and resources. This translates to increased productivity and a more sustainable bottom line.
- More competitive – Staying ahead often boils down to the tools at your disposal. New equipment can set your business apart, enabling you to offer services that others cannot.
Furthermore, despite the loss of the huge tax incentive of the temporary expensing write-off at the 30th June 2023, the more modest instant asset write-off of $20,000 that came into effect on the 1st July 2023 is still attractive for small businesses looking to upgrade their equipment.
If you are looking for ways to upgrade your equipment or vehicles in 2024, contact our experienced Team to find out how to structure your purchases to save tax.
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