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Finance cost & actual cost of assets now tax deductible
For the first time in years businesses can now claim the full amount paid for equipment and machinery, under $20,000 per item, from income to reduce their tax bill.
In addition many entrepreneurs do not know that all business related finance cost is also fully tax deductible. Never has there been a better time for SMEs to grow. Let UCapital help you “Have a Go!”.Apply for an alternative business loan today!
Example: Where a fit-out costs $250,000, each item that comprises the fit-out (benches, fridges ext) that costs less than $20,000 can be written off, potentially covering the cost of the entire project. All the finance cost is also fully tax deductible
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HOW TO GET THE NEW SMALL BUSINESS TAX WRITE OFFS (THE SYDNEY MORNING HERALD)
WHO GETS IT?
If you are registered business, i.e. you have an ABN, and it turned over less that $2 million you can claim.
Businesses can buy any machinery or equipment related to their business if each item is valued at less than $20,000. You can claim the full amount from your income to reduce your tax bill. There is no limit on the number of items a business can claim.
WHAT CAN I CLAIM?
Cars, vans, utes, trailers, motorbikes, lawnmowers, ovens, fridges, coffee machines, other machinery, kitchens, tables and chairs, carpets, printers, photocopiers, tools, welding equipment, saws, generators, pumps, solar panels, heating, hot water units, water tanks, air conditioning units, sound and security systems, computers – any item used for running the business – will be 100 per cent tax deductible.
WHAT CAN’T I BUY?
You cannot use the money to buy stock for your business. Horticultural plants and in-house software also do not qualify.
IF MY ITEM IS $20,000 OR OVER CAN I STILL CLAIM IT?
Yes, but the value of items over that amount qualify for less tax breaks associated with depreciation.
WHEN DOES IT START AND END?
You’ll have effectively two years to take up the tax break. The small business tax deductions will start at 7.30pm May 12, 2015, and end on June 30, 2017.