$20,000 Tax Break for Small Business
As a small business, you may be eligible for the following income tax concessions.
From 1 July 2016, the turnover threshold for these concessions is:
$5 million for the Small business income tax offset
$10 million for all other income tax concessions.
The turnover threshold up to 30 June 2016 was $2 million for all these concessions.
If you are a small business (with a turnover of less than $10 million), you can immediately deduct the business portion of most assets that each cost less than $30,000 (the instant asset write-off threshold) if they are first used or installed ready for use from 7.30pm (AEDT) 2 April 2019 to 30 June 2020. So long as these purchases are not stock.This means that welders, welding equipment, plasma cutters etc under $20,000 per item will be a claimable purchase.
Here’s how it works:
Who is eligible?
How much can I claim?
What can I claim?
Any item that is used for funding the business, that isn’t stock is claimable. This includes welders, welding equipment, plasma cutters etc.
When does this start and end?
Bear in mind however, while this proposal was announced, and issued to be come into effect as of the time of announcement, the senate still has to approve these measures.
Please note that the above statements is general in nature. When discerning the eligibility of your business to receive accelerated depreciation benefits, it’s your responsibility to consult your tax agent or accountant. For more information on the 2019 Federal Budget please refer to: http://www.budget.gov.au/
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