Capricorn Encourages Members To Take Advantage Of EOFY Tax Incentive

Capricorn is encouraging its members to take advantage of the end of financial year tax incentive and CAP ezi-finance to equip their workshops with the latest technology.

“Capricorn understands that upgrading existing equipment or purchasing new equipment can significantly increase a workshop’s capacity and capabilities. Capricorn Finance is available to members to help them achieve this,” said Bradley Gannon, Capricorn CEO of Automotive.

According to Capricorn, updating essential workshop equipment allows increased customer capacity and the ability to work on more modern vehicles, while state-of-the-art diagnostic equipment ensures correct and timely parts replacements.

Capricorn says many members benefitted from the 2022 end of financial year equipment loans, with the most popular items purchased being hoists and lifts, diagnostic scan tools, tyre changers, wheel aligners and wheel balancers, air conditioning service equipment and brake lathes.

“As cars become increasingly complex, electric vehicles become more prevalent and technology advances, Capricorn Finance ensures workshops are equipped for success with industry competitive rates, zero set-up fees and the ability to earn 1.5 Capricorn Rewards Points on the value of any loan,” the organisation said.

According to Capricorn, qualifying businesses can immediately claim the business portion of the cost of purchasing or upgrading an eligible asset on their next tax return. “Any eligible asset that is first used, held or installed and is ready for use for a taxable purpose before 30 June 2023 can be claimed.”

Text in this article is not intended as financial advice or to influence investment or tax-related decisions. Readers should always seek professional advice that takes their own particular circumstances into account before making any financial decisions.