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New tax break for small businesses announced at the Federal Budget 2015


Small businesses can now take advantages of a new tax break for purchases up to $20,000.

Who qualifies?

Any registered business who has an ABN number and turns over less than $2 million.

What can I buy and how much for?

Small business can buy any machinery or equipment as long as it is related to their businesses and each item is less than $20,000.

Those assets will be 100 per cent tax deductible and can apply to vehicles, trailers, vans, printers, computers…

When is it effective from?

The small business tax deduction is effective from 12th May 2015 to 30th June 2017.

For more information, go to http://www.budget.gov.au/201516/content/highlights/jobsandsmallbusiness.html

 

Any information provided on this website is intended to be of a general nature and does not take into consideration your personal circumstances, objectives, financial situation or needs. Before making any financial or investment decisions, you should consider the appropriateness of the information and you should always have your individual situation reviewed by an accountant or qualified tax professional.

 

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