Maximise Your 2024 Tax Deductions! Order Diagnostic Imaging Equipment Now! Maximise Your 2024 Tax Deductions!

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tax deductions veterinary equipment

This article is sponsored content brought to you by Radincon.

By industry expert John Rowe, Veterinary Finance Australia

There are so many reasons to upgrade and expand the diagnostic imaging capability of your vet practice:

  • Higher quality images for more accurate diagnosis and better patient outcomes
  • Improved equipment features (time for ready, cycle time, factor settings, battery life) improve the productivity of your vet team
  • Add a portable unit so that you can diagnose anywhere – less stress for patients and owners
  • Boost morale to attract and retain staff
  • Demonstrate your commitment to excellence to all your clients
  • Develop additional revenue streams

Tax concessions are available to make this investment in your practice more affordable. Saving on tax increases profitability and gives you the opportunity to streamline your business by paying down loans or investing in equipment, staff, marketing and education. Don’t miss out!

What tax concessions are available for 2024?

FY2024 tax concessions are available for equipment delivered and installed on or before 30 June 2024.

  • Items can be new or second-hand.
  • Payment can be either cash or via a finance agreement.

Depending on the value of your equipment you may be eligible for:

Instant Asset Tax Write-Off

  • Equipment costing less than $20,000 is 100% tax deductible in the 2024 financial year.
  • The limit is <$20,000 per individual item of equipment, with each item being independent of other items bought.
  • There is no overall total limit

Depreciation

For goods costing $20,000 or more, standard depreciation rules apply. Depreciation is calculated on a pro rata basis, other than Simplified Depreciation (which is not date or time related).

Get your order in now!

For diagnostic imaging options, advice and prices, please contact:

Radincon on 1300 721 734 or email sales@radincon.com.au

For finance options, please get in contact with John Rowe of Vet Finance by phone on 0414 187 728 or email finance@vetfinance.com.au

Visit us at: https://radincon.com.au/


Case Study

Veterinarian Maree wanted to buy and finance imaging equipment costing $94,000 on 15 April 2024. 

With limited understanding of instant asset write-off and depreciation rules, Maree believed she would not get any significant tax benefits this year. After reviewing the quotation, the individual pieces of equipment were separately priced on one tax invoice.

 Maree had expected a tax deduction of only $14,100 in 2024, but this entitled her to a total deduction of $51,000 for the year. 

tax deductions veterinary equipment

Notes: 

1.All figures are exclusive of GST. GST plays no part in the instant asset write off or depreciation.

2. The above examples are provided as general information only. It is important you consult your accountant about the benefits of depreciation and the methodology they are likely to use.

3. Simplified depreciation based on 15% year 1, 30% thereafter

4. Goods must be ordered and delivered on or before 30 June 2024 to benefit from depreciation and the instant assetwrite off.

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