Use EOFY Tax Incentive To Upgrade Your Workshop: Capricorn

Capricorn is encouraging members to use the end of financial year tax incentive opportunity to ensure their workshops are up-to-date with the latest equipment and tool technology.

According to Capricorn, many members were assisted with end of financial year equipment loans in 2021, with the most popular items purchased being hoists, diagnostic scan tools, wheel and tyre service equipment, air compressors, and brake lathes.

“Just as automotive mobility technology has advanced in leaps and bounds across recent years, so has the technology behind automotive workshop equipment, diagnostic scan tools, wheel service equipment, hand tools, powered tools, and many more productivity increasing products,” Capricorn said. “The updating of these essential workshop equipment products ensures increased customer capacity to work on more modern vehicles, while state of the art diagnostic equipment also ensures correct and timely parts replacements.

“Capricorn Finance can ensure that your workshop is equipped [for] a successful future through increased productivity, revenue, and profitability, while also benefitting from the ATO’s Temporary Full Expensing initiative.”

According to Capricorn, the end of the financial year is the deadline for maximising the Temporary Full Expensing incentive for business plant, tool and equipment purchases. 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 2022, can be claimed.

Capricorn Finance said it offers members equipment purchase loans, with some already advised of their pre-approval for loan amounts up to $30,000.

“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 Automotive.

“Capricorn Finance is here to help our members finance the equipment that they need to build a stronger business.”