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$20,000 tax write-off scheme extended

Posted on , in Uncategorised, by All Storage Solutions

EOFY

The Federal Government has extended its tax write off for equipment purchases valued up to $20,000, meaning it could be the perfect time for your business to upgrade its office systems.

The concessions were initially announced in the 2015-16 budget, but they only applied to companies with turnover up to $2 million.

Now the scheme is available for businesses worth $10 million per year.

It allows small business to claim an immediate deduction for each asset purchased costing less than $20,000 until 30 June 2017.

The tax write-off bonus has come at an ideal time with the low Australian dollar and the end of the 2015-16 financial year.

All Storage Systems General Manager Daniel Pederick said many small and medium businesses were making smart long-term decisions by investing in office systems upgrades.

This includes new shop fitting and office renovations.

“A new and freshly renovated office interior can have a substantially positive impact on not only your operational success and employee morale, but also on your clients’ opinions of your place of work and, by extension, your own business practices,”

Mr Pederick said. The tax concessions also encourage business operators to invest in equipment that can boost productivity and efficiency.

“The workstation is perhaps the most important piece of office equipment, maybe second to the telephone. Comfortable employees are productive employees, and at All Storage Systems, we understand that your office furnishings are of major importance to employee productivity and morale.”

*Information given is of a general nature only, speak to your accountant to obtain further information regarding the asset tax reduction scheme.

$20,000 tax deduction – the facts

WHO CAN GET IT?

Businesses which turn over less than $10 million are eligible for the tax deduction.

HOW DOES IT WORK?

Businesses purchase the items outright and then get the money for the item back as a tax write-off.

WHAT CAN I PURCHASE?

Any item that relates to your business. For example, this could include materials handling equipment or new whiteboards for your boardrooms.

HOW LONG DO I HAVE TO CLAIM?

The $20,000 tax deduction goes through to June 30, 2017. It is scheduled to go back to the original $1000 threshold after that time.