Time still remains for businesses generating less than $2,000,000 revenue per annum to exercise the right to an immediate tax right off for the purchase up to the value of $20,000 for what is categorised as small-plant equipment.
If your business or practice is considering a purchase to replace or upgrade an existing piece of medical equipment or wanting to add a device previously not owned, there is still scope to do so and claim the deduction before it disappears.
We spoke with Mr Jason Skinner, Partner and Director of Skinner Hamilton. He heads up a CPA firm operating from the Gold Coast, Queensland that specialises in tailored solutions for medical professionals. Mr Skinner emphasised that the available deduction was 'sizable' as it applied not to the total purchase value, but the value of each piece of equipment. That would mean a deduction up to the value of $20,000 per unit or device purchased was possible.
Another important point he raised was that if a business or practice was GST registered the $20,000 value was actually exclusive of the GST.
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DisclaimerAMA Medical Products has made every attempt to ensure the accuracy and reliability of the information provided. The material found within this blog article made available by AMA Medical Products is for educational purposes only and to give general information and understanding of the topic. The content should not be used as competent or substitute accounting, taxation or business advice that would be acquired from a licensed professional service provider.