Create a new web presence now with the SMB Tax Break
The looming tax time madness is rarely a time small business owners eagerly await, but when the government announced the $20,000 instant write-off scheme in 2015, small to medium businesses (SMB) were given something to look forward to. This tax exemption has opened a window of opportunity for SMB to invest in valuable products that are vital for future growth.
Launched on 1 July 2016, the government has again extended this tax advantage from SMB with an annual turnover of $2 million, to those with a yearly aggregate up to $10 million, allowing an additional 90,000 Australian businesses to benefit.
With June 30 fast approaching, some SMB might be unsure of how far the advantage extends and what exactly they can claim — or that under the current extension they can take advantage on both side of the end of financial year.
Firstly, it is important for SMB to understand the tax exemption covers the purchase of each and every capital asset under $20,000. This includes any product, regardless of size, so long as it is used for business purposes. In fact, there is no limit on how many items can be claimed if their business use can be clearly identified.
Secondly, both new and secondhand products are exempted. This opens up even more opportunity to purchase and claim items of a higher price point by buying them secondhand.
With the financial year coming to a close, many retailers will begin EOFY sales, so there is no better time to start investing in those products that will deliver the highest returns. Going beyond furniture and laptops, SMB can use the tax break to invest in technology solutions that help drive business success.
Investment in technology is generally put on the back burner when compared to other more tangible products, with SMB unsure about what their business needs. However, creating an online presence can be easy, affordable, and most importantly, covered under the tax break.
A good website is the key to online success, but the first step in moving a business online can seem like the hardest. With so many decisions to make, it can sometimes seem all too difficult but there are easy packages that SMB can utilise to get online.
Contact Us today for some great Tax Time discounted packages
June 13, 2018
May 9, 2017
March 3, 2017