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Take advantage of new tax deductions

Invest in a Nu-Tank product and enjoy the befits of new tax deductions.

Some industry groups and sectors in the market can take advantage of new tax deductions. Nu-Tank has put together the following information to help you navigate what’s available with the Australian Taxation Office. We also recommend you speak to your accountant or financial adviser about how these Commonwealth Government offerings can help you.

Click here to view our end of financial year “instant tax write off” deals

100% deduction for assets costing less than $30,000

  • Tier 3: $30,000 threshold for assets acquired between 2 April and before 1 July 2020

Get an immediate tax deduction, rather than having to depreciate an asset over the term of its useful life. This applies irrespective of whether the asset is new or second-hand.

https://www.ato.gov.au/Tax-professionals/Newsroom/Your-practice/Instant-asset-write-off-increased-and-extended/

Water Facilities Tax Deductions

Generally for primary producers or irrigation water providers with an ABN

https://www.ato.gov.au/business/primary-producers/in-detail/capital-expenditure/water-facilities/

Simplified Depreciation – Rules & Calculations

Choose to use the simplified depreciation rules if you have a small business with an aggregated turnover of less than:

  • $10 million from 1 July 2016 onwards
  • $2 million for previous income years.

https://www.ato.gov.au/business/depreciation-and-capital-expenses-and-allowances/in-detail/depreciating-assets/simplified-depreciation—rules-and-calculations/