TAX TIME SAVINGS

Thanks to the new tax measures announced in this federal budget there has never been a better time to set up your small business with all the essential items needed to espresso up your customers and staff.

If you're running a business with an annual turnover of less than $10 million, you can claim individual expenses of up to $20,000 worth of depreciating assets in each single instant write-off each financial year. That $10 million thresholds has been raised from the previous $2 million

The end of the financial year is fast approaching, so make sure your small business has everything it needs to succeed by taking advantage of instant tax deductions on any new assets that cost less than $20,000*

What can you claim under the $20,000 instant tax write-off? In general terms, the deduction is focused on physical assets such as equipment, vehicles, tools and electronics such as computers and phones.

Is there A limit? The good news is: There is no limit to the number of assets you purchase in relation to the instant tax write-off, however each asset must cost less than $20,000

You can now claim an instant tax deduction on any new asset for your business that costs $20,000 or less. With no limit on the number of items you can claim, now is the time to update your espresso setup. Say hello and let's create an amazing espresso setup in your cafe or office thanks to the federal budget!

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*Eligible small business entities with aggregated annual turnover of less than $10 million may immediately deduct assets that cost less than $20,000. This applies to assets purchased on or after 1 July 2016 and used or installed ready for use, before 30 June 2017. The less than $20,000 threshold applies to each individual item. Small businesses can apply the less than $20,000 threshold to as many individual items as they wish. The deduction is limited to the extent to which the asset is used for an income-producing purpose. These terms are for general information only and do not constitute taxation advice. Other requirements under the tax law apply. You should seek professional tax advice to determine whether you are eligible to claim a deduction for any purchases.