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February 15, 2017

$20K Instant Asset Write-Off Ending Soon

Agriculture, Urban

Most small business owners expend a great deal of time and energy trying to decide whether they should purchase assets or continue making do with what they have. While the new assets would allow the business to operate more smoothly, there's always the concern about whether the business will recoup the purchase price. 

Most small business owners expend a great deal of time and energy trying to decide whether they should purchase assets or continue making do with what they have. While the new assets would allow the business to operate more smoothly, there's always the concern about whether the business will recoup the purchase price.

 Tax Issues.jpg

Last year, when the Federal Government announced the $20K instant asset write-off, small businesses got the break they were looking for. Prior to the creation of the temporary program, the maximum instant deduction small businesses could claim was limited to $1,000.

 

Any small businesses that earn gross less than $2,000,000 can take advantage of the unique tax deduction. Both brand new and second-hand assets qualify for the deduction.

 

One of the biggest explanations small business owners provide for why they haven’t taken advantage of the write-off is because they don't need any large items. While there are some assets the government won't deduct, such as horticulture plants, they set up the program so that small businesses could add several items together and claim the maximum deduction. For example, you can purchase office equipment, a few pieces of firefighting equipment, a set of poly steps, poly stock water troughs, and deduct the combined value of the items. Feel free to download our brochure for a complete list of our inventory.

 

If you’ve been hanging back and waiting to see how your bottom line looks before taking advantage of the instant asset write-off, now is the time to act. The program ends on 30th June 2017, which will be here before you know it. 

Don’t expect a similar program to come along any time soon. 

Dont let this opportunity get away! 

 

Contact Coerco to learn about our full range of products that farmers and industrial companies located throughout Australia love.

Disclaimer: Please seek advice from the ATO or a qualified financial advisor prior to making any financial decisions based on this article.

 
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