Small Business Tax deductions
Added on by Etairos Accounting
The recent federal budget has allowed small businesses with a turnover of less than 2 million dollars to claim an instant tax deduction on purchases up to $20,000 with no limit on the number of items you can claim. If you’re an ABN holder wanting to update your business vehicle, equipment, truck or machinery, now is the perfect time to make a move.
What qualifies: what can I buy?
Here are a few ideas:
- IT hardware such as desktop computers, printers, scanners and photocopiers, but not software
- Office or shop furniture and fittings, such as new tables for a cafe
- Display screens, kitchen equipment, signage and air conditioners
- Work vehicles
- Tradesmen’s tools and machinery
- Plant and equipment
- Sheds or storage containers for storing equipment.
Not all businesses are the same. If you're considering finance to take advantage of this arrangement, we can tailor a package to suit your business needs and cash flow.
Of course its probably not a good idea to buy equipment just to get a tax write off. If you have items you were considering replacing anyway or if a new piece of equipment is going to aid business turnover or productivity in some way, then now might be a good time
The $20,000 write off applies to business with an annual turn-over of $2M or less. Talk to your adviser about your eligibility and suitability.
For help with finance call 1300 55 22 30 and talk to an equipment finance lending specialist.
