Gold Coast Small Business Tax Deductions

Gold Coast Small Business Tax Deductions

As you may have heard Small Business Tax Deductions are here! So hurry in and make the most of it before June 30th to claim in this year’s tax return*. Get everything your Gold Coast business needs – Solar, Air Conditioning, LED’s and more!

The end of the financial year is fast approaching, and thanks to the new tax measures announced in the 2015 federal budget, there has never been a better time to set up your small business with all the essential items needed.

You can now claim an instant tax deduction on any new asset for your business that costs $20,000 or less. With no limit on the number of items you can claim, now is the time to update your office equipment or make a move on those expansion plans.

Why not put that tax write-off to good use and buy solar panels? What a brilliant idea, we could think of no better two-fingered salute to Abbott and his anti-green energy cronies than if small business used the $20,000 asset write-off as an impromptu green scheme and installed solar systems. Contact AMP’D Electrical and Solar your local Gold Coast Electrician now to see how we can help.

*Terms and conditions apply. The treasurer announced in the 2015 Budget that small businesses with aggregate annual turnover of less than $2 million will immediately be able to deduct assets they start to use or install ready for use, provided the assets cost less than $20,000. This will apply for assets acquired or installed ready for use until 30 June 2017. The $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish. You should seek professional advice to determine whether you are able to claim a deduction for such purchases.

**The Tax Laws Amendment (Small Business Measures No. 2) Bill 2015 passed both Houses of Parliament on 15 June 2015 and is now awaiting royal assent. Read here for further information: ATO