5 Tax Deductions You Might Be Missing on Equipment Finance

Maximise Your Equipment Finance Tax Benefits

Many business owners leave money on the table by not fully understanding the tax benefits of equipment finance.

1. Instant Asset Write-Off

If eligible, you may be able to write off the full value of assets under certain thresholds in the year of purchase.

2. Interest Deductions

Interest paid on equipment finance is generally tax-deductible as a business expense.

3. GST Credits

For GST-registered businesses using chattel mortgages, you can claim the GST on the purchase price upfront.

4. Depreciation

Even if you can't use instant asset write-off, you can still claim depreciation over the asset's effective life.

5. Running Costs

Don't forget fuel, maintenance, insurance, and other running costs associated with your financed equipment.

Important Note

Tax laws change frequently. Always consult with your accountant to understand your specific situation.

Contact JLP Financial to discuss structuring your equipment finance for maximum tax efficiency.