Small Business Owners – did you know that making the decision to work from home could save you tax this financial year?
You can instantly claim the business portion of most depreciating assets that cost less than $20,000 each.
In the recent Budget, the Australian Government extended the Small Business Tax Incentive until 30 June 2019.
What you can claim:
You could claim business equipment, supplies, a storage shed, a dedicated workshop or even a freestanding home office!
And the best part? Skip the traffic & be at your desk, hot coffee in hand in just two minutes.
Does it apply to you?
Yes, if you are registered for tax, and your business has a turnover of less than $10 million. That’s a vast majority of Australian businesses!
How you can claim
You can claim the deduction through your tax return. In the year the asset was first bought and used, or installed ready for use.
Speak to your accountant for advice on your situation, and they’ll be able to show you how to claim.
What happens if the assets are over $20,000
The government website states “Assets of $20,000 or more can be put into a small business asset pool where you can claim a proportion of the amount as a deduction each year.”
Meaning it’s still saving you money, just over a longer period of time.
What happens after 30 June 2019
It hasnt been made law yet, but the Prime Minister has announced plans to extend the benefit, and increase the threshold from $20,000 to $25,000!
Until this change comes into effect however, it is not guaranteed. Make your purchases before June 30 2019 to avoid disappointment.
If you are thinking about going into business, or investing in your business, now is definitely the time.
Purchasing assets such as a portable home office could save you tax, but you’ll need to act now.
Make the most of the incentive before it ends on 30 June 2019.
To get started, call 1300 635 966 or download our pricelist. We can’t wait to help create your workspace, like we have for hundreds of business owners just like you!
To your success!