Industries such as mining, construction, aviation and industrial can benefit immensely from fabric dome shelters and are given confidence that their people and assets will be protected.
With much quicker lead times than traditional steel-clad buildings, and quick installation times, fabric shelters can benefit you in a number of ways, with our express range of shelters giving you the confidence that your assets will be covered before June 30.
Why Purchase Assets Before The EOFY
With the end of the financial year fast approaching, companies are planning their budgets for the next year, and whilst it may be beneficial for these companies to factor in the price of fabric structures, a number of companies may consider purchasing assets such as fabric dome shelters before the end of the financial year for a number or reasons:
- Tax Benefits: By purchasing assets before the end of the financial year, companies can claim tax deductions on the depreciation of those assets for that financial year. This can help to reduce their taxable income and therefore, lower their tax liabilities.
- Budget Utilisation: Many companies have a budget for capital expenditures (CAPEX) that they need to utilize before the end of the financial year. By purchasing assets, they can ensure that they use up their budget and avoid losing any unspent funds.
- Price Changes: The cost of assets may increase after the financial year ends due to inflation or other factors. By purchasing assets before the end of the financial year, companies can avoid potential price increases.
- Operational Needs: If a company requires new assets to operate efficiently, it may make sense to purchase them before the end of the financial year so that they can be utilized in the current financial year.
How Can Purchasing A Fabric Dome Shelter Help You With Tax Benefits
Whilst tax benefits differ between countries which all have their specific tax laws and regulations, there are some general tax benefits that may apply when thinking of purchasing a fabric shelter before June 30. These include:
- Depreciation: Fabric dome shelters may be considered depreciable assets, which means that companies can claim tax deductions on the depreciation of those assets over their useful life. By purchasing fabric dome shelters before June 30th, companies may be able to claim a full year’s worth of depreciation in the current financial year, which can help to reduce their taxable income and lower their tax liabilities.
- Instant Asset Write-Off: Some countries or regions may have an Instant Asset Write-Off (IAWO) scheme in place, which allows companies to immediately write off the cost of assets up to a certain threshold. By purchasing fabric dome shelters before June 30th, companies may be able to take advantage of the IAWO scheme and claim an immediate tax deduction for the full cost of the shelters. The current threshold is $150,000 per asset. There is no limit on the number of assets that can be deducted under this scheme, as long as the entire cost of the asset is less than the threshold.
- Tax Incentives: In some cases, governments may offer tax incentives for companies that invest in certain types of assets, such as renewable energy or environmentally-friendly infrastructure. If fabric dome shelters are considered eligible for such tax incentives, companies may be able to claim them by purchasing the shelters before June 30th.
Contact Us
To find out how we can help you and your company with fabric shelters before June 30, giving you the confidence that your assets, whether they are machinery or bulk materials are protected, contact our team today.
