Treasurer Scott Morrison has extended the current instant asset write off for assets up to $20,000 until 1 July 2018. This means with an active ABN, you can invest in new tools or machinery for your small business. The Government has provided an immediate tax deduction of all assets under $20,000!
Great news for Small Businesses
WHAT CAN I BUY?
WHAT IF IT’S MORE THAN $20,000?
It’s almost the End of Financial Year so we’d like to sweeten the deal!Quik Spray will give you a 5% discount if you take advantage of this limited time offer. Get your order in before EOFY and we’ll deduct 5% from your order!
Anything used for running your business! Equipment, cars, tools, machinery...even a new Quik Spray. You can use the tax write-off on as many individual items as you want.
WHAT DOES THIS MEAN
HOW MUCH WILL I SAVE?
Small businesses with a turnover of less than $10 million can immediately tax deduct any item costing less than $20,000. This allows you to immediately claim depreciation on every asset you purchase rather than claiming the deductions over a number of years.
Any items over $20,000 can be pooled together and depreciated at the same rate — 15 per cent in the first income year, and 30 per cent per year after that. If the value of the pool drops below $20,000, it can be immediately deducted.
Now is the time to invest in that Quik Spray you’ve always wanted! Or upgrade your current machine while you can. Take advantage of the generous Small Business Package the government is offering.
We recommend seeking advice from an accountant or professional tax advisor concerning tax circumstances for your business.