With small business owners now submitting quarterly Business Activity Statements, the old days of rushing to the accountant in the last week of June with a shoe box full of paperwork for some last minute ‘tax planning’ is largely behind us.
That said we are all time poor, and as we approach the last quarter of the financial year it is timely to remind small business owners that there are options to maximise tax deductions through the ‘Accelerated Depreciation Rules’ currently available.
Applicable to businesses with a turnover of up to $2.0m, the purchase of an asset/s costing up to $20,000 to be used in the business can be claimed as an immediate tax deduction in the year it was purchased/installed.
This provision will cease on 30 June 2017, so now might be a great time to review any potential upgrades needed for your equipment, and to consider bringing acquisitions forward so you can maximise the benefits this financial year.
It is always important to work in conjunction with your accountant through this process to ensure steps taken are appropriate for your business. Similarly using the service of an experienced finance broker will ensure you have access to a wide range of finance options that can be structured to meet your needs.
To find out how you can take advantage of this concession before the end of financial year, give us a call on 07 3899 2866 or CLICK HERE to email us.