Tax Calculator

Estimate your tax deductions on dental equipment

The Australian Government has extended COVID-19 tax incentives for large asset purchases. Available until 30 June 2023, the Temporary Full Expensing (TFE) incentive expands on the previous Instant Asset Write Off (IAWO) scheme, which could create additional benefits for your practice including improved cash flow & accelerating upgrades. The Temporary Full Expensing allows businesses to claim a tax deduction for the full cost of eligible capital assets, rather than claiming depreciation amounts over several years. Use our calculator to estimate your tax deductions on dental equipment.

For more information, speak with a Henry Schein Equipment Specialist.

Instructions

Fill in the form fields to estimate your tax deductions on dental equipment.

More about Temporary Full Expensing:

  • If business turnover is under $50 million this applies to new and used assets.
  • If turnover is between $50 million and $5 billion, it applies to new assets only.
  • The asset must be first used or installed ready for use between these dates: 6 October 2020 and 30 June 2023
  • The deduction can also be claimed for improvements made to either existing assets or assets purchased within the above dates

Disclaimer

  • Indicated deductions are based on your tax rate selected above.
  • Temporary Full Expensing offer expires 30 Jun 2023. Visit the ATO website for more information.
  • Potential Loss Carry Back: you may also be eligible for Loss Carry Back. Visit the ATO website for more information.
  • Disclaimer: tax exemption deductions shown are an indication only and does not constitute financial advice. Please seek advice from your accountant.
  • Please note: If your asset is less than $30,000, then Instant Asset Write Off already applies, so the calculator will not calculate the savings of asset purchases under $30,000.

For More Information

Speak with a Henry Schein Equipment Specialist.

Why Now is the Right Time to Buy

Practices have had to navigate several years of ups and downs now, brought on by the pandemic and more recently, inflation. But the pursuit of business continuity and growth means that owners still need to make important calls for their practices. The good news is that there are some certainties you can take advantage of. If you need new equipment, one of these certainties comes in the form of the temporary full expensing measure. The crucial factor now is that it ends on 30 June 2023, so there’s not much time left to take advantage of it.