We are fast approaching the end of the financial year (I know, we can’t believe it either).
Remember that if you are operating a small business, you can purchase an asset costing less than $20,000 excluding GST and claim the entire purchase price as an immediate deduction.
Small businesses have historically been defined as those with an aggregated turnover of less than $2m, although legislation is currently before parliament to increase this threshold to $10m for the 2017 financial year.
This concession was due to run out at 30 June 2017, however we welcome the news in the recent federal budget that small businesses can take advantage of this option for the 2018 financial year also.
If you think this might be a useful option for your small business, please call one of our Accountants at HQB Chartered Accountants to arrange an appointment before the end of the financial year. As, with most things tax, the finer details are complex!
Posted 16.5.17
This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.
