Did you know that if your business has a turnover of less than $10 million you can immediately write off assets costing less than $20,000 in your 2018-19 tax return.
As you may know, the Australian Government has chosen to keep the $20,000 instant tax deduction in place for one more year, and with the end of financial year approaching many businesses may take advantage of the policy.
Instead of having the asset depreciate over a number of years, small businesses are now able to write off the depreciation immediately. It means that small business are more likely to buy new equipment or technology, which can make them more efficient and help them grow.
What assets can I claim a deduction?
The type of asset you can buy needs to be a depreciating asset and it needs to be worth less than $20,000.
A depreciating asset is one used in the course of business which has a limited shelf-life and is expected to decline in value. Previously the depreciation of the asset had to be apportioned over several years – so you got a bit of a deduction one year and another one the next year and so on.
Under the government’s scheme, you get the entire deduction straight away– which makes it much simpler and attractive for small businesses.
Assets that qualify include office furniture such as:
Electric height adjustable standing desks and sit stand workstations
Ergonomic standing mats
If you would like to discuss how we can transform your business into a happy, healthier and more productive workplace, please contact us on (02) 8033 3345 or info@ElevateErgonomics.com and one of our friendly staff will assist you.
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