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In this episode, we delve into the tax trap that will affect many farmers and graziers when purchasing new machinery.
For years, the question of whether upgrading machinery helps with tax has been a common concern, especially during the period of the instant asset write-off. However, with the government returning to pre-pandemic tax rules, understanding the tax implications is now more critical than ever.
To guide us through this complex subject, we have a special guest, Chris Eccles, accountant and director of Empower Accounting & Advisory, joining us in our episode today.
In this conversation, Chris gives us an understanding of the new depreciation rules and what they mean for future equipment purchases. We’ll look at specific examples to illustrate the tax implications of upgrading machinery and explore scenarios involving different types of equipment, such as tractors, graders, dozers, trucks, and even round bailers. By breaking down the numbers, we’ll be demonstrating how depreciation, sales, and tax rates affect the overall financial outcomes.
Tune in below to hear what Chris and I have to say.
