Blog: Boon for small biz!
Small businesses are the very backbone of the Australian economy – did you know that over 2 million small businesses were registered as operating in the last financial year? More than half of these are in NSW and VIC – but wherever a small business is located, it’s likely whooping with joy at Treasurer Joe Hockey’s small business tax break.
If you are legitimately carrying on a small business, you can now benefit from an instant tax write-off on new assets worth up to $20,000. The government are banking on small business spending big and sparking a retail revival on assets to help them improve their enterprise. Whilst some small businesses will have invested prior to the end of the financial year just gone, remember that this is an ongoing benefit which will continue to assist small operators (read: those making less than $2 million per annum) build their businesses.
If it’s under $20,000 you’ll be able to claim an immediate tax deduction rather than depreciating it over the useful life of an asset. Thinking of investing in your business with new vehicles, plant or other essentials? Book your broker appointment today.