20,000 Reasons To Invest In Dental Equipment
9th May 18
The 2018 Australian Government Budget retains for a further year the accelerated depreciation of capital assets thus providing small businesses across the sector with a reason to invest in their growth.
Key Issues For The Dental Industry —
The 2018 Australian Government Budget was presented to the parliament on 8 May 2018 and extended the 2015 Australian Government Budget measure Growing Jobs and Small Business — expanding accelerated depreciation for small businesses for the second time for another twelve months to 30 June 2019.
The ability of businesses across the dental sector to deduct purchases of eligible assets costing less than $20,000 has underpinned small business growth. Importantly, it’s seen many dental practice make the investment in pioneering technology that allows them to deliver optimal dental and oral healthcare.
Small businesses will continue to be able to immediately deduct purchases of eligible assets costing less than $20,000 first used or installed ready for use by 30 June 2019. Only a few assets are not eligible (such as horticultural plants and in-house software). Businesses able to access the benefit must have an aggregated annual turnover of less than $10 million
Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool (the pool) and depreciated at 15 per cent in the first income year and 30 per cent each income year thereafter. The pool can also be immediately deducted if the balance is less than $20,000 over this period (including existing pools).
The retention of this measure will improve cash flow for small businesses across the dental industry, providing a boost to activity and investment for another year.
The budget papers indicate that from 1 July 2019, the immediate deductibility threshold and the balance at which the pool can be immediately deducted will revert back to $1,000.
Member Engagement —
ADIA provides leadership, strategy, advocacy and support. Our members set our agenda, fund our activities and directly benefit from the results. With respect to the Association's work to ensure that the initiatives within the 2018 Australian Government budget support the dental industry, the team in the ADIA national office receive advice and guidance from members serving on the ADIA-TCPC Trade & Commercial Policy Committee.
Further Information —
To keep up to date with how ADIA is working to ensure that the Australian Government budget supports the dental industry, subscribe to the Twitter feed @AusDental or follow us on Facebook at www.facebook.com/dental.industry. Alternatively, you can contact the Association via email at email@example.com or by telephone on 1300 943 094.
Currency Of Information & Disclaimer —
This update was issued on 9 May 2018 and please note that changes in circumstances after the publication of material or information may impact upon its accuracy (including passage of the supporting legislation through the parliament) and also compliance obligations. It is recommended that expert advice be sought before taking action based upon the information presented here.
This publication is available for your use under a Creative Commons Attribution 3.0 Australia licence, with the exception of the ADIA logo, images and where stated.
8th Nov 18
The Therapeutic Goods Administration (TGA) has issued new guidance material setting out requirements on businesses that advertise medical devices direct to the public.
11th Apr 18
As the TGA acts to introduce an application fee for placing Class 1 medical devices on the ARTG, ADIA has meet with senior ministerial advisors in order to seek an outcome to alleviate the impact on the dental industry.