Instant Asset Write Off
Tax incentives for Small Business have been extended.
The instant asset write-off now for business has been extended out to 30 June 2020, and increased to $150,000. The incentive now includes businesses has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
Your business can claim for the business portion of each asset (new or second hand) purchased or installed.
This initiative complements the recent reduction to the company tax rate for eligible businesses too.
A reminder that this is a tax deduction, not a rebate. As always you should still ensure that the Assets being acquired are needed in your business.
Competitive Asset Finance Rates
Despite a recent rise in the wholesale cost of funds, interest rates for funding equipment purchases remain competitive. Credit appetite is a challenge for some lenders, but we can assist with working this through with you.
This includes vehicles and most other equipment that is utilised in your business.
Contact our team if you would like to find out more.
Ross McLachlan - r.mclachlan@mcpgroup.com.au
Lucas Spokes - l.spokes@mcpgroup.com.au