Increase productivity and maximise your tax deductions this EOFY

Capricorn Finance says it can help

Now is the time to take action on those workshop equipment and tool updates you have needed to modernise your business. Capricorn Members nationwide are encouraged to use the End of Financial Year tax incentive opportunity to ensure that their workshops are up to date with the latest equipment and tool technology. Many Capricorn Members were assisted with End of Financial Year equipment loans in 2021 with the most popular items purchased being hoists, diagnostic scan tools, wheel and tyre service equipment, air compressors and brake lathes. Just as automotive mobility technology has advanced in leaps and bounds across recent years, so has the technology behind automotive workshop equipment, diagnostic scan tools, wheel service equipment, hand tools, powered tools and many more productivity increasing products. The updating of these essential workshop equipment products ensures increased customer capacity to work on more modern vehicles, while state of the art diagnostic equipment also ensures correct and timely parts replacements. Capricorn Finance says it can ensure that your workshop is equipped for a successful future through increased productivity, revenue and profitability, while also benefitting from the ATO’s Temporary Full Expensing initiative. The end of the financial year is your deadline to maximise the Federal Government’s Temporary Full Expensing taxation incentive for business plant, tool and equipment purchases. Qualifying businesses can immediately claim the business portion of the cost of purchasing or upgrading an eligible asset on their next tax return. Any eligible asset that is first used, held or installed and is ready for use for a taxable purpose before June 30, 2022 can be claimed (for full details, visit the Australian Taxation Office website at www.ato.gov.au). Capricorn Finance says it offers all Members outstanding value with equipment purchase loans, with some Members already advised of their preapproval for loan amounts up to $30,000. Capricorn says any Members who have not received this advice are more than welcome to discuss their options with the friendly Capricorn Finance team by calling 1800 327 437 or by sending an email to lending@capricorn.coop. “Capricorn understands that upgrading existing equipment or purchasing new equipment can significantly increase a workshop’s capacity and capabilities. Capricorn Finance is available to Members to help them achieve this,” Capricorn Chief Executive Officer Automotive, Bradley Gannon, said. “Capricorn Finance is here to help our Members finance the equipment that they need to build a stronger business.” Capricorn is Australasia’s largest automotive parts and business essentials buying group with more than 23,000 Members located across Australia and New Zealand. For more information, visit www.capricorn.coop

AUSTRALIAN EV DRIVERS PARTICIPATE IN ‘SMART CHARGER’ TRIAL

Fast-charging technology could potentially lower energy costs

As the demand for electric vehicles (EVs) increases in Australia and across the world, electricity networks are looking to address possible concerns with electric grid capacity. In this effort, five electricity network businesses – Jemena, AusNet, United Energy, EVOEnergy, and TasNetworks – have launched a 12-month trial of ‘smart chargers.’ These chargers were installed in the homes of more than 160 EV owners in Tasmania, Victoria, and the ACT. The smart chargers on trial charge EVs up to three times faster than standard chargers. They also enable the electricity network operators to dynamically adjust when the vehicle charges. This might be in off-peak times like after midnight or during the day when excess solar energy is available. This should result in lower electricity bills for all consumers while protecting the grid from overload. Through the trial, the consumers will have a chance to try out the smart chargers while the network operators gain a better understanding of how to manage increased demand on the grid. Part of the trial involves EV car owners plugging in their car during ‘solar soak’ events (sunny days) to help the network operators see how much surplus electricity this requires on this scale. The trial is led by Jemena in partnership with the other four electricity network businesses. It has been co-funded by the Australian Renewable Energy Agency (ARENA) under its Advancing Renewables Program. “It’s clear that energy network businesses need to be ready for an influx of EVs. Through this trial, we are looking at how we can best work with customers to coordinate charging their vehicles at times when there is more capacity in the grid,” Jemena Networks Executive General Manager, Shaun Reardon, said. “As we see the uptake of electric vehicles increase, it’s vital that we better understand the impacts of EV charging from a network perspective and manage the optimum time for consumers to charge their vehicles,” ARENA Chief Executive Officer, Dan Miller, said. “We’re excited to be seeing Jemena’s project officially begin, and with over 160 customers participating across the ACT, Victoria and Tasmania, we’re looking to gain valuable insights into how network managed EV charging can be positive for both the network providers and the vehicle owner.” For more information about the trial, visit www.evgrid.com.au or arena.gov.au/projects/jemenadynamic-electric-vehicle-charging-trial/