Small Business Owners
The 2015 Budget is your gain. You may profit from the accelerated depreciation provisions for small businesses today.
The 2015 Federal Budget announced many initiatives to benefit certain small businesses. The most important initiative was the increase in the threshold for small businesses to claim an immediate deduction for business assets costing less than $20,000.
These assets must be acquired and installed ready for use between 7.30pm (AEST) 12 May 2015 and 30 June 2017. Prior to the 2015 May budget the threshold that applied for this immediate deduction was $1,000.
Under the announced measure, the less than $20,000 limit applies to each individual item and eligible businesses can claim an immediate deduction for an unlimited number of business assets during the above period.
To be eligible for the accelerated depreciation writeoff, the small business taxpayer must have an aggregated annual turnover of less than $2m, and satisfy all relevant requirements for the accelerated depreciation claim.
So now is the time to seriously consider buying an asset for your small business.
For more information please refer to the Budget 2015 internet site.