© Copyright Biz Money Tips Magazine Inc.

Don’t Miss Out! $20,000 Tax Incentive – Runs Out June 30th 2017

Posted by

calculating taxes

Who would want to miss out on an opportunity to use this business incentive towards their future and create a better lifestyle?

If you decide to start up a small business and need an asset to run that business and it’s $20,000 or less then that expense is most likely eligible. Joe Hockey, former treasurer, said in his budget night speech that asset purchases such as “cars and vans, kitchens or machinery … under $20,000 are immediately tax deductible”. Mr. Hockey also said that people are not going to spend money on their business if they aren’t going to make money.

The best bit about the Australian government tax incentive is that the business asset or assets purchased within each business contributes to both operational success and ultimately the Australian economy.

If for example you decided to start a part time business in addition to your current work or you are looking at a business that is complimentary to your current business it’s worth thinking about how a trailer or van for example could help. By becoming a mobile operation you may be able to offer services such as door to door product deliveries as well as offering paid services.

Examples of business opportunities include partnerships between Transportable Shade Sheds and Saver6.com which help resellers make extra money throughout the year selling and or assembling quality products that are well known Australia wide.

If you are interested in becoming a Transportable Shade Sheds Reseller you may not know this but the business incentive is due to end June 30 2017! Time is running out.

A trailer is an approved business asset and the one offered is under the $20,000 threshold, which means you can buy it now, and claim it immediately, rather than depreciating it over 5 years. It can be a huge boost to your small business cashflow.

There is no limit to how many assets under the threshold you buy, so the more you buy, the more you claim depending on your earning capacity and the better off you are at tax time. For more information, check out the Saver6.com Tax Incentives for Small Business video below and for further information go to:

https://www.ato.gov.au/Newsroom/smallbusiness/Lodging-and-paying/Instant-asset-threshold-increase-to-$20,000-now-law/


Article and Videos by: Gerry Lear, Saver6.com

Related articles:

  • Tyler Maclaren

    A great initiative of the Australian Government and not to be missed out on for anyone looking to join the small business community.