We’re coming to the end of another financial year – which means one thing for business: it’s tax time! Did you know that if you shop before June 30, your business could be eligible to take advantage of the $20,000 tax break? Find out how you can claim immediate tax deductions for capital purchases up to $20,000*.
1. Reinvest in your commercial equipment
Small businesses are only as strong as their commercial assets and equipment. Perhaps your fashion retail business needs new mannequins to give true character to this season’s latest trends. Maybe your warehouse needs new lighting or fittings. Now is the time to reinvest in this equipment because it’s all eligible to claim under the $20K tax break.
2. Recreate your office space
Does your small business operate in an office? If you’re in desperate need of more desks, chairs or cabinets now is the time to make those vital purchases. Maybe that reception area could be more inviting for your clients or you’re looking to finally deck out that seminar room. Office furniture purchases fall within the purview of the $20K tax break.
3. Revamp your commercial appliances
If you’re in the food and hospitality industry then you know your customers expect quality. That old Bain Marie or commercial coffee machine might be starting to show its age – and your customers will be noticing too. Take advantage of the $20K tax break and revamp your commercial appliances – your customers will thank you.
4. Replace your tools and hardware
A tradie is only as good as his tools – and they can only last so long. Have you been putting off replacing that electric drill or buying a new laser level? Does your work require you to use portable generators from time to time? Replace your tools and equipment before the 30 June and take advantage of the $20K tax break.
5. Renew your technology
Does your small business depend on your mobile phone? Maybe your office is growing in size and you need more computers. What about a small business that relies on drivers – it relies on dash cams. If your technology is starting to fall behind the times, how will your small business remain agile and ahead of the game? Using the $20K tax break for small business capital purchases on technology is a no-brainer. Just don’t let the tax man beat you to 30 June.
So there you have it – the 5 Rs small businesses should be using to decide on how to take advantage of the Commonwealth Government’s $20K tax break on capital purchases. Just remember you have only until June 30 to make these purchases for them to be eligible to be deducted from this financial year’s tax. Check out our full range of products that are eligible for the tax break.
Happy new financial year from MyDeal!
*This advice is of a general nature. Please speak to your tax professional or accountant for advice tailored to your individual circumstances.