The 2015 Federal budget has introduced reforms targeted at improving cash flow for small business.
Effective immediately, all small businesses will get an immediate tax deduction for any individual asset they buy costing less than $20,000.
The $20,000 limit applies to each individual item and can be applied to as many individual items as they wish.
Increasing the depreciation threshold will encourage businesses to bring forward investment in the assets they need to grow their business and service their customers.
Do you need new equipment NOW but don't have the cash and want to take advantage of new rules?
Finance allows you to acquire the equipment you need now to get your immediate tax deduction but spreads your repayments over a number of years.
There has never been a better time to upgrade your business equipment.
Contact our office for more information.
This is a general information bulletin and KRW recommend that you contact your tax agent to discuss how these changes affect your business. Additional information can be found on the government Budget 2015 website. Click here for the ATO website and additional information