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Save up to $8,250 this EOFY

As the financial year draws to a close, clients often ask us what is the easiest way to save on tax. Thanks to the federal government's recent law change, you can save even more on asset purchases this year. You can now write off assets purchased after April 2nd 2019, up to $33,000 including GST until the end of the financial year. This threshold was previously only $22,000 including GST. What this means is, say your purchase a new excavator for exactly $33,000 inc GST your earth moving business. Prior to the rule change, you would have to depreciate the excavator over its useful life for 10 years, which would give you a first year deduction of $6,000 and a typical tax saving of $1,650. Now

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