Businesses only has a couple of weeks left to buy and install assets worth up to $6,500 to take advantage of the instant asset write-off provisions to be stricken from the tax law from January 1 2014.
The small business concession, which applies to businesses making less than $2 million in revenue will only apply to assets install and ready for use before January 1. It allows businesses to immediately write off maximum deduction for assets worth less than $6,500. After January 1, the threshold will drop to $1,000 with assets worth more than that being deductible over two or three years.
For a small business, cash is vital and the quicker you can get your hands on a deduction, the better for your cash flow. If your small business needs new equipment such as computers or office furniture, it is well worth having them delivered before Christmas.
Most tax changes take effect in the new financial year. This change, linked to the passing of the mining tax repeal bill is different.
If you’re after advice on how to make the most out of small business concessions contact our accountants at The Quinn Group. Contact us on 02 9223 9166 or submit an online enquiry.
