EOFY Savings for Hospitality
There has never been a better time to get your hospitality venue powered by POSmate Point of Sale POS System Solutions – South Australia’s leading hospitality point of sale solutions, with end to end support to get you up and running fast.
The end of the financial year is like a group of unruly high spenders coming into your restaurant as you’re just about to close. There’s a sense of dread (the paperwork and bookkeeping) but also a few rather appealing incentives. It really is worth taking the time to research all of the tax breaks and savings for your hospitality business.
One of the best tax breaks for many businesses is the instant asset write-off, which offers a means to acquire capital assets and obtain an immediate tax deduction. As part of the Federal Government’s Coronavirus Stimulus Package, the Instant Asset Write-Off threshold increased from $30,000 to $150,000 (net of GST) per asset acquired.
This change applies to businesses with an aggregated annual turnover of less than $500 million, where those assets are first used or installed ready for use between 12 March 2020 and 30 June 2021, and purchased by 31 December 2020.
Some examples of the items that you could look at purchasing before 30 June 2021 include:
- Cash registers and other POS Hardware
- Cars, vans and utes
- Fittings and fixtures
- Plant and machinery
- Computers and laptops
- Security systems
The instant asset write-off criteria and the threshold have changed over time so you will need to check your business’s eligibility.
There is also the opportunity to deduct the cost of new depreciating assets at an accelerated rate. The amount your entity can deduct in the income year the asset is first used or installed ready for use is:
- 50% of the cost (or adjustable value where applicable) of the depreciating asset
- plus, the amount of the usual depreciation deduction that would otherwise apply but calculated as if the cost or adjustable value of the asset were reduced by 50%.
You claim the deduction when lodging your tax return for the income year. The usual depreciating asset arrangements apply in the subsequent income years that the asset is held. Find out your eligibility for backing business investment.
Point of Sale Savings
With POS terminal sales, integration offers and tax rebates, there’s really no better time to upgrade your venue’s operating system.
Interested in exploring how POSmate Point of Sale System Solutions can help your business, enquire now for an obligation free quote, call POSmate now on 1300 76 76 88 to speak to one of our Point of Sale POS System Solutions specialist or email us at sales@posmate.com.au