Buying something just for a tax deduction can be just as reckless as burning it.  The current $150K instant asset write-off may be very useful for your business, but here are our top five tips before you start buying:

1. Do you need this asset for your business? if you do not need it to improve your business productivity, efficiency or services offered, then think carefully about it.
2. Check the depreciation limit for the asset: there are special rules for cars, read more here on how the $150K instant asset write-off applies to cars.
3. Read the detail to ensure your business qualifies: you need to be in business and be trading - read the full eligibility criteria here
4. Is it a risk? the "R" word is being used daily now, so Yes, we are in a recession - but worse is yet to come as some experts think.  We have recently seen first-hand how a large asset purchase can pressure a business into insolvency. Read more about it here in Run too fast, fly too high.
5. Research the best buy: this is a time to be very thrifty and wise when buying and get the best deal.
6. Golden rule: never ever ever buy anything just for tax!   If you need the item to improve your business, then let us work out the best way to do it, but doing it for tax is just burning money you probably cannot afford to spend anyway.

Do not hesitate to contact us if you need to discuss your specific situation, getting it wrong can be very costly.  Just SMS us on 0412 92 18 13,drop us a line on info@primarius.net.au, or email your Primarius Team Leader.