ARE YOU READY FOR THE EOFY?
In this column, Capricorn Society Group Chief Executive Officer, David Fraser, updates us on all things Capricorn
Believe it or not, it is time to start thinking about the EOFY! The EOFY has always been a good time for workshop owners to get a great deal. This is partly due to the specials that appear as equipment suppliers look to move stock and meet their end of year targets.
But more so in Australia, it’s due to a little-known tax break, that enables workshop owners to claim an instant asset write off for equipment costing less than $30,000. If eligible, this means you can get the new wheel balancer, diagnostic tools and other workshop equipment you need right now, before claiming the full value back on your 2020 tax return.
Capricorn is helping our Members take advantage of this tax break by providing equipment finance loans. This helps interested Members to update their workshops with new equipment, without having to wear the initial expense outlay themselves.
Of course, Capricorn Members benefit all year round from access to favourable finance terms that include $0 set up fees and enable Members to earn Capricorn Rewards Points on the value of any loan, when purchasing equipment from a Capricorn Preferred Supplier. Capricorn Members also have access to interest free, short term loans as another benefit of membership.
For any Capricorn Member interested in taking advantage of this tax break, I encourage you to be quick. The Australian Tax Office have indicated that this $30,000 instant asset write off may not be offered again after 30 June 2020. You should also speak to your tax accountant to ensure you are eligible for the tax break.
For more information on finance and the many other benefits of Capricorn membership, visit www.capricorn.coop