Buy your Hydromat cleaning equipment now and instantly claim $20,000 on the 2016 Small Business Tax Deduction.
The $20,000 tax break
Business entities with their annual turnover of less than $2 million are authorized to claim instant deductions on their taxes for their purchases that could be made from now until 30th June, 2017.
Who is eligible?
Businesses must demonstrate continuous business activity through quarterly BAS Statements in order to claim the $20,000 tax break.
What can you claim – Some Examples
Those engaged in kitchen equipment, new tables/chairs or running a café are covered in this scheme. Likewise buying a new computer for the office also falls under the tax break scheme. Anything costing less than $20,000 is hundred percent tax deductible. Basically, any type of asset required for the day to day affairs of any business have been covered in this scheme.
Software meant for use of the business including account-keeping programs can be claimed under this scheme.
What about assets over $20,000?
Any asset costing more than $20,000 cannot be eligible for writing off of tax. However it may be written off in full by spreading over the same over prolonged periods. Additionally it is possible that depreciation can be initiated at the same rate, i.e. @ 15% in the 1st year of income and @ 30% for the succeeding years.
What is not claimable?
There are some items like in-house developed software and horticultural plants are however not included in this scheme.
The $20,000 limit applies to each individual item.
Businesses with their annual turnover below $2 million can enjoy a reduction of tax rates, i.e. from the existing 30% to 28.5%. A tax rebate of five percent is permissible for unincorporated businesses including partnerships, trusts and sole traders etc.
Take advantage of the lowest small business tax rate during the past almost fifty years. Talk to our Hydromat team and claim back on your cleaning equipment. We also custom manufacture to your specs.
There hasn’t been a better time than now to buy the cleaning assets you need for your business.