Posted by Bob Aldons – Managing Director, Northstar Motor Group
EOFY is getting closer and closer, June 30th will be on us before we know where we are. It’s high time to look at maximizing all available tax deductions on items that you may be contemplating over the next six months and as importantly, Julia Gillard still has the accelerated deprecation offer on the table for eligible businesses for purchases prior to June 30th.
Tax minimization is legal and in fact is encouraged by the vast majority of accountants. Don’t leave for the Tax Man what you can legally deduct. Remember the old proverb – The Tax Man Giveth and the Tax Man Taketh away. Reduce what he takes and keep what you can.
As a small businessman myself, I encourage you to look at every conceivable way to reduce your taxable income. Have a close look at any equipment. If it’s at the end of its life or old technology is costing too much to repair, the impending financial year closewould be the ideal time to upgrade.
When you finance your equipment replacement, the payments will be classified as business operating expenses and deductions can be claimed on them immediately. If you choose to use Goods Mortgage as your preferred method of finance, you can claim the interest content of that payment and depreciate the item as well. And a bonus till June 30th is that you can claim the accelerated depreciation on this item up to $5000. Be warned though – you can’t claim the depreciation if you lease it. It must be done through a hire purchase style arrangement - and besides equipment, Northstar Financial Services can also help you with your vehicle replacement. The same rule applies for the accelerated depreciation – Hire Purchase is the way to go here too.
Our car dealerships currently have some amazing end of financial year offers on the table – Chrysler, Jeep, Dodge, Fiat, Alfa Romeo, Volkswagen, Mahindra and of course Isuzu Ute.
Northstar Financial Services can work with you to arrange your finance before EOFY arrives – competitive rates and terms, a great understanding of what your business requires and also competitive insurance products as well.
Contact one of my Finance and Insurance Professionals directly. You’ll find their wealth of experience and attention to detail refreshing.
|John Hicks||0400 126 616||[email protected]|
|Hayley Sutton||0437 735 402||[email protected]|
|Damien Cummings||0421 246 231||[email protected]|
We arrange loans for:
- Car Loans
- Truck Loans
- Horse Float Loans
- Equipment Loans
- Bike Loans
Northstar continues to expand its brand portfolio. Along with the original Chrysler, Jeep and Dodge brands since 2003, Isuzu Ute and Volkswagen since 2008, Mahindra in 2012, Northstar now has Fiat, Alfa Romeo, Fiat Professional, and Abarth.
We'll happily arrange a drive home registration and you know the best thing about this? The drive home gives you just the best running in you'll ever get. New engines love a long drive to bed everything in and you'll get the best economy you've ever experienced. Alternatively if you're time or distance poor, check us out online at www.nsmg.com.au or read more reviews at www.mycarreview.com.au . Finally, if you can't come to us, we'll come to your home, workplace or worksite - call Northstar on 1300 NTH STAR or 1300 684 782.