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Have you taken advantage of your small business tax deductions?

Tax TimeHave you been taking advantage of the tax deductions which were made available to small businesses this financial year?

The Australian government announced in the 2015-2016 budget an incentive for small business allowing them to claim an immediate tax deduction for assets purchased under $20,000.

Small businesses are currently able to apply this deduction to as many individual items as desired, as long as they are under the $20,000 threshold. Previously this instant tax write-off was only available for assets under $1,000.

What does this mean for your business?

If you are as a small business with an annual turnover of less than $2 million, demonstrate ongoing business activity and thereby qualify to receive this incentive, there’s never been a better time to take advantage while it’s still available.

This incentive is a great opportunity for you to purchase any of those technology assets you’ve previously been holding off on, which could ultimately enhance your business productivity.

We know just how expensive (but necessary) an upgrade can be. And if the likes of the NBN or business mobility are knocking loudly on your door, you’ll want to make sure your technology infrastructure can keep up with this advanced & more productive way of working.

If you'd like additional information on small business tax cuts, please visit the ATO website.

And if you'd like to talk with us about the right kind of technology upgrade for your business, you can call us on 02 4254 5444 or email us.

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