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EOFY Savings for Hospitality

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Tax Write-off’s for SME’s

The end of 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 devices
  • Cars, vans and utes
  • Fittings and fixtures
  • Plant and machinery
  • Computers and laptops
  • Security systems

The instant asset write-off criteria and threshold has 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 ut your eligibility for backing business investment

Point of Sale Savings

This End of Financial Year, Impos is throwing a huge hardware sale. Impos provides point of sale solutions to the hospitality industry. Over 3,000 venues across Australia choose Impos including industry leaders MoVida, Catalina, Tonka, Coda, Black Pearl, Auction Rooms and Domaine Chandon.

With POS terminal sales, integration offers and tax rebates, there’s really no better time to upgrade your venue’s operating system. This year Impos is offering nee customers NO LOCK IN CONTRACT and 25% off selected hardware.

And don’t worry if you’re not planning to open your venue for a while. Our offer for hardware is valid for all purchases made before June 30, 2021, regardless of your preferred installation date.

Visit our special EOFY Sale 2021 page to find out more about all of these deals, or get in touch with one of our POS specialists to discuss which Impos options are best for your hospitality venue today.