Capricorn Members nationwide are encouraged to use the end of financial year (EOFY) tax incentive opportunity to ensure that their workshops are up to date with the latest equipment and tool technology.
Many Capricorn Members were assisted with EOFY equipment loans in 2021 with the most popular items purchased being hoists, diagnostic scan tools, wheel and tyre service equipment, air compressors and brake lathes.
Just as automotive mobility technology has advanced in leaps and bounds across recent years, so has the technology behind automotive workshop equipment. The updating of these workshop equipment products ensures increased customer capacity to work on more modern vehicles, while state of the art diagnostic equipment also ensures correct and timely parts replacements.
The end of the financial year is the deadline to maximise the Federal Government’s Temporary Full Expensing taxation incentive for business plant, tool and equipment purchases. Qualifying businesses can immediately claim the business portion of the cost of purchasing or upgrading an eligible asset on their next tax return. Any eligible asset that is first used, held or installed and is ready for use for a taxable purpose before June 30, 2022 can be claimed.
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