Unless you’ve been living under a rock, you’d be well aware of what the 2015 Federal Budget means for small business. Businesses with turnover under $2 million can make immediate tax deductions for capital purchases of less than $20,000. This is a huge increase on the previous threshold of $1,000.
There is no limit to the number of claims a business can make. Any asset purchased below $20,000, that is related to the operation of a business, can be claimed as an immediate tax write-off.
Is your company vehicle due for an upgrade? Have you been eyeing a better computer? Is it about time that broken photocopier got replaced? Now is the time to act, as the purchase will need to be made before June 30 for the deductions to be applied to your 2014/15 tax return.
The only problem is, most small businesses don’t have access to the funds that are required for purchases that are eligible for the immediate tax write-off. That’s where the friendly team at First Class Capital can help. By acting now, you stand to save considerable money.
First Class Capital provide finance to small business, with fast and straight forward working capital solutions. So if you’d like to take advantage of the new budget initiative, but your funds are tied up, visit www.firstclasscapital.com.au or call 1800 307 903.
FCA Blog Latest News Small Business Taxation and Record Keeping
