The end of the tax year is approaching, and exploring all available avenues is crucial to maximise your savings.
So, for dental professionals and small business owners, the Australian Government’s instant asset write-off offers an exceptional opportunity to invest in your practice while enjoying significant tax benefits.
At Dental Depot, we want to remind you of this valuable incentive and how it can help you save up to $20,000, and maximise your dental practice savings with the Instant Asset Write-Off.
What is the Instant Asset Write-Off?
Small businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
This means that instead of depreciating the cost of an asset over several years, you can claim the full amount as a deduction in the year the asset is first used or installed ready for use.
For the current tax year, the threshold for the instant asset write-off is set at $20,000, meaning any eligible asset you purchase for your dental practice, such as equipment or machinery, can be instantly written off against your taxable income, up to this limit.
How Can Dental Professionals Benefit?
Investing in new equipment for your practice, not only enhances the quality of care you provide but also boosts the efficiency and profitability of your practice. Here are some examples of how you can utilise the instant asset write-off:
- Dental Chairs and Units: Upgrade to state-of-the-art dental chairs that offer better comfort and functionality for you and your patients.
- Imaging Equipment: Invest in the latest X-ray machines or 3D imaging systems to improve diagnostic accuracy and treatment planning.
- Sterilisation Equipment: Ensure compliance with the highest hygiene standards by purchasing advanced sterilisation units.
- Sedation Equipment: Enhance your practice with a range of sedation equipment, particularly Accutron Mobile systems.
So, take advantage of the instant asset write-off, it can reduce your taxable income significantly, leading to substantial tax savings.
For example, if you purchase a new dental chair for $20,000, you can deduct the entire amount from your taxable income; effectively saving you thousands in taxes.
Don’t Miss Out: Act Before the Tax Year Ends
To benefit from this opportunity, it’s essential to act before the end of the financial year. Here are a few steps to ensure you make the most of the instant asset write-off:
- Identify Your Needs: Assess your practice to determine what equipment or assets could enhance your services and efficiency.
- Make the Purchase: Ensure that the asset is purchased, delivered, installed ready for use before the end of the financial year.
- Keep Documentation: Maintain detailed records of the purchase and installation dates, as well as invoices and receipts for tax purposes.
- Consult Your Accountant: Work with your accountant or tax advisor to ensure you correctly apply the instant asset write-off to your tax return.
Why Choose Dental Depot?
At Dental Depot, we understand the unique needs of dental professionals. We offer a wide range of high-quality dental equipment and supplies to help you elevate your practice. Our team is dedicated to providing exceptional service, from helping you choose the right products to ensuring timely delivery and installation.
Contact Dental Depot today to explore our extensive selection of dental equipment and take advantage of the instant asset write-off before the financial year ends.
Contact Us
For more information on how we can assist you in making the most of the instant asset write-off, reach out to our friendly team at Dental Depot. We’re here to help you invest in the future of your dental practice while maximising your tax savings.
By leveraging the instant asset write-off, you can enhance your dental practice with the latest equipment and enjoy significant tax benefits. Make a smart investment today and see the positive impact on your practice and bottom line.
