Thinking about updating your business equipment?
Do you own a small business? Thinking about updating your business equipment?
There is less than 3 months till the end of financial year! If you’re thinking about upgrading your business equipment, please read on…
The Australian Taxation Office’s $20,000 Accelerated Depreciation Scheme, where small businesses can claim an immediate deduction for assets they start to use – or have installed ready for use – provided each depreciable asset costs less than $20,000, ends on 30 June 2017.
Key points for the scheme are;
- Business assets must cost less than $20,000 + GST (whole asset)
- Assets must be paid for, installed and ready for use by 30 June
- Clients can purchase numerous $20,000 assets, however a higher priced asset can not be split into smaller invoices, ie unable to split a $90,000 asset over 5 invoices
There are some exclusions, so if you’re thinking about making some asset purchases to utilise the Accelerated Depreciation Scheme, please call our office on (02) 4962 2022 to discuss.