Small businesses have another year to take advantage of the federal government’s $20,000 instant asset write-off scheme. In its first year, 99,000 businesses made a claim, with an additional 50,000 using the scheme in its second year (and the average amount claimed has increased from $4000 to $9000).
The write-off can be a huge boost for your business – you can write off the depreciation ‘instantly’, instead of claiming a smaller depreciation each year. The amount you spend up to $20,000 on as many assets as you like will decrease your taxable income, meaning your tax payable overall will be lower.
Get more info on the $20,000 Instant Asset Write Off Scheme.
Do you need advice on how to maximise your benefit under this scheme? Our team of financial advisors and accountants can help.
Phone us on 8203 4800 or fill out our online enquiry form.