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Just a quick email to inform you of some Budget announcements that may affect you and your business.
You may be aware that the $20,000 instant write-off for small businesses was coming to an end on 30 June 2018.
As part of the Federal Government's 2018 budget package, they announced that they plan to extend this to 30 June 2019. This means that you can still have access to this incentive in the 2019 financial year.
Businesses that are to be eligible will have:
- a turnover of less than $10 million,
- purchased plant and equipment for their business with a value less than $20,000,
- and have it installed and ready to use by 30 June 2019.
The write-off allows the value of the plant or equipment to be claimed as an immediate deduction, instead of having to spread the deduction out over the expected useful life by way of depreciation.
We would also like to advise our clients of another significant announcement in the budget; removing the ability for businesses to claim a tax deduction for amounts paid to:
- contractors, where there is an obligation to withhold tax on the payments (i.e. where the contractor doesn't provide an ABN) and there has been no tax withheld, and
- employees, where there is an obligation to withhold tax on wages and there has been no tax withheld.
If you have any questions about these announcements, or if you have any other queries at all, please to not hesitate to contact us.
And don't forget to follow us on Facebook or LinkedIn!
The Team at Hancocks.
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