1. ASSESS YOUR BUSINESS NEEDS
□ List your top 3-5 equipment or technology bottlenecks
Where are outdated systems slowing you down? Be specific (eg old computers causing delays in order processing).
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□ Identify productivity gaps
What assets could streamline processes, improve output or free up staff time? (eg Automated packaging machine could reduce manual labour hours).
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□ Look for growth opportunities
Are there investments that could unlock a new service offering, expand your capacity or tap into new markets?
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□ Consider future needs
Are there any major changes planned for your business (new hires, expansion etc) that could influence asset needs?
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2. PRIORITISE POTENTIAL INVESTMENTS
□ Cost vs impact
Estimate both immediate and long term return on investment (ROI) for each potential asset. Consider potential savings on labour, increased output, improved customer experience etc.
□ Consider financing
Evaluate the need for financing larger purchases and speak with our finance team.
Factor in interest rates and how payments fit within your budget.
□ Check eligibility
Ensure each asset meets the scheme’s criteria (new or second hand, under $20,000, used for business purposes) and note any limitations.
□ Explore second-hand options
Second hand assets may be eligible by offering potential savings while still benefiting from the write-off.
3. COORDINATE WITH YOUR FINANCE PROFESSIONAL
Tax implications
Discuss the best way to maximise the write-off benefits for your specific business structure and circumstances.
□ Cash flow projections
Thoroughly understand how purchases will affect your cash flow, especially with financing. Plan for potential fluctuations.
□ Alternatives
Explore other tax saving strategies, financing options or ways to structure your asset purchases.
□ Recordkeeping
Ask about the specific documentation you need for tax purposes and how to organise it.
4. SECURE YOUR ASSETS
□ Research and compare vendors
Get at least 2-3 quotes to compare prices and terms. Consider reliability and after sales support.
□ Factor in lead times
Inquire about current lead times (order to delivery) and build in a buffer to avoid missing the 30 June deadline.
□ Check availability
Ensure that items are in stock, especially for high demand assets.
□ Finalise purchase orders
Place orders early and consider pre-ordering or backordering if necessary.
5. INSTALLATION AND INTEGRATION
□ Schedule installation dates
Plan installation dates, particularly for larger equipment or complex setups.
□ Ensure compatibility
Verify new assets are compatible with existing systems, software etc.
□ Staff training
Allocate time and resources for staff to learn to operate new assets correctly.
□ Maintenance plan
Factor maintenance costs and schedules into your long term budgeting.
ADDITIONAL CHECKS
□ Keep good records
Invoices, receipts and other documentation should be retained for at least five years.
□ Review regularly
Use this checklist as a starting point, adapt it to your business and review it annually.