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Get a Tax Deduction on Pallet Racking & Warehouse Storage Solutions – up to $150k

Use the Australian Federal Government’s Instant Asset Write-Off Scheme to get a tax deduction for your racking storage system this financial year. Ends 30 June 2023

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Increase Efficiency and Organisation

Efficiently utilise your warehouse space with high-quality pallet racking and storage solutions. Our products are designed to streamline your operations, making it easier to manage inventory, reduce clutter, and improve workflow. Organised storage allows your team to work more effectively, saving time and resources

Optimise Your Tax Savings. Ends 30 June 2023

By investing in pallet racking or warehouse storage solutions before the deadline, you can instantly write off up to $150,000 from your taxable income. This means significant tax savings for your business. Don’t miss out on this opportunity to enhance your operations while maximising your financial benefits.

Custom Solutions for Your Needs

Every business is unique, and we understand that your storage needs may vary. Our experts will work closely with you to design &  implement tailored pallet racking and storage solutions that perfectly match your specific needs. From selective pallet racking to mezzanine floors and industrial shelving, we have the expertise and range of products to transform your warehouse space.

Invest in Your Business with Confidence

Take advantage of the limited-time tax incentive offered by the Australian Tax Office. Buy pallet racking and warehouse storage solutions before June 30, 2023, and instantly write off up to $150,000. Not only will you optimize your storage space, but you’ll also maximize your tax savings, giving your business a competitive edge.

Why Choose Total Racking Systems?

At Total Racking Systems, we are experts in designing and providing warehouse storage solutions that optimise space utilisation and improve efficiency. Here’s why you should choose us:

Industry-Leading Expertise

With over 40 years of experience in the industry, we are the trusted choice for pallet racking and warehouse storage solutions. Our team of experts understands the unique challenges businesses face and has the knowledge to create innovative storage solutions that drive efficiency and productivity.

Quality and Durability

We believe in delivering the highest quality products to our customers. Our pallet racking and storage solutions are built to withstand heavy loads and demanding environments, ensuring durability and longevity. You can trust our solutions to support your business for years to come.

Exceptional Customer Service

We are committed to providing exceptional customer service from the moment you contact us. Our friendly and knowledgeable team will guide you through the entire process, from consultation to installation. We pride ourselves on delivering a seamless experience and exceeding your expectations.

Next Steps

  1. Determine if more warehouse storage is required to aid in the productivity and efficiency of your operations.
  2. Discuss the Instant Asset Write-Off with your accountant and determine if your business will benefit from this incentive by getting professional advice.
  3. Contact us for a free quote and stock availability.
  4. Decide as soon as possible as the asset needs to be purchased and first used within the financial year of the claim. Instant Asset Write-off is due to end 30th June 2023.
Federal Government Instant Asset Write-Off

The 2020-2021 Federal Budget extended the instant asset write-off scheme to 30 June 2023. It is called ‘temporary full expensing’.

Aggregated turnover under $5 billion allows an immediate deduction for the business portion of the cost of new eligible depreciating assets such as vehicles and equipment.

Aggregated turnover under $50 million allows an immediate deduction for the business portion of eligible second-hand assets.

Aggregated turnover under $10 million allows the balance of a small business pool at the end of each income year in this period.

It is important to note that the $150,000 is not a cash handout for businesses but a tax deduction that will reduce your overall tax bill.

There are some rules about eligibility, so if you are considering buying an asset and claiming the instant write-off, we recommend you talk to your accountant first.

How Much Is the Instant Asset Write-Off?

Prior to 2020, the threshold amount was just $30,000. However, in March 2020, the government bumped up this tax break to a whopping $150,000, allowing more businesses to take advantage of buying larger plant and equipment.

With this new threshold of $150,000, you can significantly lower your taxable income by writing off your new machine as an expense, rather than having to calculate complicated asset depreciation over time.

This easier approach has been hugely successful over the past couple of years, and as a result, the government has extended the measure to include a Temporary Full Expensing (TFE) scheme, which is essentially an extension of the asset write-off scheme.

What is Temporary Full Expensing?
Temporary Full Expensing is basically the ‘new and improved’ instant asset write-off. This new scheme was introduced in October and allows for even more tax benefits for businesses. There is no threshold amount for this scheme, so the $150K limit doesn’t apply: you can claim assets that are much higher in value if you choose to.
What does this mean for your business?

Normally if you buy Pallet racking or Heavy duty shelving, you could only claim the depreciation of the asset over the time that you own it. Now with Instant Asset Write Off, businesses can claim the depreciation as one upfront payment at the end of the financial year in which it is purchased. This will increase your expenses and in turn, reduce the amount of tax owed this year. This can be a great opportunity for businesses to bring forward investment decisions that would have otherwise not been possible. Allow your business to benefit from the productivity of a new storage solution or expand existing storage.

What can I buy?
Anything used for running your business!

Anything used for running your business!
• Cars, vans and utes
• Computers, laptops and tablets
• Plant and machinery
• Tools
• Fittings and fixtures
• Shelving and Storage including pallet racking, industrial shelving and mezzanine floors
• Security systems
However, be aware that some assets are excluded.

How to claim used equipment on tax?

If you’re a business turning over less than $50 million per year, you can claim a tax deduction for big-ticket assets such as pallet racking. This applies to used racking too, not just new racking. Plus, it’s not limited to one purchase – you can claim multiple assets as long as each individual asset is under the threshold amount. Note that if your business turns over more than $50 million, you can still access the tax benefit, however, second-hand equipment isn’t eligible.

How does it work?

• You must have an active business with an ABN.
• Businesses with an aggregated income of up to $5 billion can only claim for new assets.
• If your business has an aggregated annual income under $50 million, you may also claim the full cost of eligible second-hand assets.
• You must acquire the assets after 6 October 2020 and install them ready for use by 30 June 2023
• You can make your deduction claim in the tax year in which the equipment is used or installed.
• You can borrow funds to purchase the equipment.
• If you buy an asset for both business and personal use, you can only claim the percentage of its value that is used for business.
For more information
For a full explanation of the rules and limitations, and to check your eligibility, take a look at the Australian Taxation Office website about temporary full expensing.

Get a Free Quote

Make the most of this tax incentive and improve your warehouse efficiency. Fill out the form to request a free quote with our storage experts. We’ll assess your needs, provide personalised recommendations, and guide you through the process of maximising your tax savings