The ATO advise that eligible businesses could claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used, or installed ready for use.
This means that some of the franchise fee you pay to TaxAssist Accountants could be offset against tax under the extended ‘Instant Asset Write-Off’ by the Government, with new franchisees potentially able to claim an immediate deduction of up to 55% off their franchise fee, up to the 30th June 2022.
Mandy Sigaloff, Managing Director, said: “Provided you are eligible, it’s definitely one of those use it or lose it schemes and I’d encourage anyone considering joining TaxAssist Accountants to investigate this option further.
“It is important to note that eligibility will be dependent on personal circumstances, and we would advise checking with the Australian Taxation Office (ATO) for further details.”
TaxAssist has locations in Brisbane, Sydney, Melbourne and Perth and is looking to grow its network further in Australia. Mandy is the first point of contact for anyone wishing to find out more. Please give her a call on 1300 513334 or submit an enquiry here.
If you are interested in joining the TaxAssist Accountants network, you can also book onto a 45-minute Virtual Discovery Session, where you can find out more about our business model and the technical and business development support on offer. Click here for more information.