Federal Government Budget 2015
Federal Government Budget 2015

Small business, with an annual turnover of M$2 or less, have now been given the opportunity to instantly write-off assets up to $20,000.

This means purchases made up to $20,000 can be immediately written-off. Meaning you don’t have to wait and claim those purchases over several years.

The Federal budget allocated is M$1.75 to fund this scheme.

To be eligible you must be actively trading.

Assets up to $20,000, involved in running a business can be claimed. Items such as kitchens, kitchen equipment, cars, vans, and tradies’ tools.

Asset over $20,000 are ineligible.

In addition to this write off, companies with a turnover less than M$2 will have their tax lowered from 30% to 28.5%. A saving of 1.5%.

Sole traders, partnerships and trusts, will also receive a 5% tax discount from July 1 (up to $1000 per year).

[Refer: ABC News]

 

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Budget Breaks for Businesses