The Australian Federal Government’s $20,000 instant asset write-off scheme, allows businesses to immediately deduct the full value of every asset purchased (subject to conditions) up to the value of $20,000, instead of claiming the deductions over a number of years.
Take advantage of it while you can, because this is planned to end 30 June, 2018 !
Are you missing out on an opportunity to bring forward deductions, and therefore improve cash flow for your business?
We can help arrange the finance, so you can make the purchases and benefit from this Tax Incentive.
Call 1800885626 NOW, so we can get you approved before you miss the opportunity - Don't leave it too late.
Or, fill out the enquiry form
THE FINE PRINT
Depreciating assets
A depreciating asset is an asset used by a business that has a limited effective life and is expected to decline in value over the period you use it.
What’s included:
- Work vehicles (Trucks, Trailers, Dolly)
- Office or shop furniture & fittings (eg new tables for a café)
- Kitchen equipment, display screens, air conditioners, signage
- IT hardware: desktop computers, photocopiers, printers
- Plant and equipment
- Sheds or storage containers for storing equipment
- Tradesmen’s tools and machinery
What’s excluded:
- Land, certain intangible assets (goodwill), items of trading stock, and (some) computer software are not depreciating assets
- In-house software intended to be claimed under the software development pool rules
Tips
- Applies to the purchase of both new and second-hand assets
- Assets that cost $20,000 or more can continue to be placed in the small business simplified depreciation pool.
Traps
- This is a limited time offer running from until 30 June 2018
- This is a tax deduction, not a grant or allowance. If your business is not making a profit, you won’t be able to benefit from a tax deduction
- If you’re not registered for GST, the $20,000 includes GST – this may push you over the $20k threshold
- Under $20,000 does not include GST
- Private v personal use – if the asset is partly used for personal purposes, it can be added to the GST component, which can push you over the $20k threshold
Summary
For small businesses that were already planning to make a purchase, there’s still time to benefit from this opportunity to bring forward deductions and improve cash flow.
Call 1800885626 NOW, so we can get you approved before you miss the opportunity - Don't leave it too late.
