Getting Your Money’s Worth
Building a dream takes more than a one-off investment. And if backing your business means adding new vehicles or equipment into the mix, the process can be a little daunting. At Morris Finance, our goal is to streamline the business and vehicle loan process, so that getting started on your big ideas is made easy.
Here are our favourite pointers to help you get the most out of your money when you’re considering purchasing or hiring business vehicles, machinery or equipment…
Perfect price, perfect timing
No matter what industry you’re in, the best time to make a significant financial purchase is either in the months leading up to the end of the financial year, or just after it. Timing in business is crucial and positioning your decisions before the year ends, or as it begins, means that you have a clear idea of what you can reliably afford moving forward.
Alternatively, you can take advantage of the financial incentives the tax department and many vehicle manufacturers offer.
If your vehicle or machinery is installed and running as part of your business operations before 30 June, 2018, the Australian Tax Office provides an immediate tax deduction on capital assets worth up to $20,000. This deduction is eligible for businesses earning under $2 million each year, however, this it will be under review after 30 June, 2018. It may not be available in the 2018/2019 financial year.
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