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$20,000 Tax Deduction for Small Businesses Featured

  • Posted on:  Thursday, 17 September 2015 16:11
  • Written by 
small business advisors small business advisors

small business advisors

*These changes are proposed to apply from 7:30 pm (AEST) 12 May 2015.

The government will significantly expand accelerated depreciation for small businesses. It will do this by allowing small businesses with aggregate annual turnover of less than $2 million to immediately deduct assets they start to use or install ready for use, provided the asset costs less than $20,000 (currently, an immediate write-off is generally available for assets costing less than $1,000). This will apply for assets acquired and installed ready for use between 7.30pm (AEST) 12 May 2015 and 30 June 2017.

Note: $20,000 tax deduction does not mean $20,000 tax reduction.

Spending money in order to gain tax reduction is not a good business decision, if you spend money on something you don’t require, you might be saving 30% tax on it in a company structure, however if you decide not to spend, you will end up paying 30% tax but will still have 70% leftover.


Take help from small business accountants and save your money.

Don’t spend on assets you don’t need. For more info, visit Booksmart Accountants.

Read 1547 times Last modified on Thursday, 17 September 2015 16:35

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