Small Business $20,000 Tax Break Announcement from Tuesday’s Federal budget

We have received quite a few phone calls over the past couple of days with regards to Joe Hockey’s incentive to get small business’s spending their hard earned cash. Who can receive its benefit:

  • you hold an active ABN
  • your turnover (income before expenses) is under $2 million

How does it work:

  • Each asset purchased, if under the value of $20,000, can be claimed in full as a tax deduction against your income (rather than depreciated over a number of years). They can be brand new or 2nd hand and include such things as vehicles, tools, machinery, computers etc…
  • Assets can be purchased using existing cash or financed
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