$20k small business tax break: Can you get it?
Federal budget delivers small business tax break for machinery & attachment purchases under $20,000
Last weeks’ federal budget delivered a large benefit for small business owners, allowing them to instantly claim back purchases of up to $20,000 – including new & used machinery and attachments.
This means that Melbourne Tractors & their branches customers’ with an annual turnover under $2 million can claim tax deductions immediately for an unlimited number of sub-$20,000 purchases made between now and June 30, 2017.
SO WHAT ITEMS ARE UNDER $20,000 AT MELBOURNE TRACTORS, BALLARAT TRACTORS & BRISVEGAS MACHINERY?
We have loads of products under $20,000 including:
– MSB Saga range up to the MSB Saga250 ($19,454 + GST)
– MSB MS range up to MSB MS460 ($16,900 + GST)
– Rubber tracks for your machine
– Excavator & machine buckets
– Smaller used machinery
– And more!
SO AM I ELIGIBLE FOR THE $20,000 SMALL BUSINESS TAX DEDUCTION?
Are you a small business owner or sole trader? Do you have an Australian Business Number? Do you or your business have an annual turnover of less than $2 million?
If you answered yes to the questions above – then yes you are eligible for the $20,000 small business tax deduction!
BUT WHAT DOES THIS MEAN?
Business owners or sole traders can purchase any physical items outright under $20,000, and then can claim immediate tax deductions rather than having to claim those purchases as deductions spread over several years! The amendment is a significant increase from the current instant asset write-off threshold of $1000.
The only rule, the items must relate to your business and be physical items.
Please note that it is advisable that you seek tax advice and how you can benefit from this new incentive from your accountant.
For more information regarding the small business tax break please chat to your local general manager, Matt Thorne on (03) 9303 5777 or email firstname.lastname@example.org for Victoria or Kane Bennett on (07) 3320 8800 or email email@example.com for Queensland and Northern New South Wales.