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Despite all the ads telling us its tax time and EOFY is upon us, the vast majority of SMEs still don’t know that they’re entitled to deductions.
A new survey by Officeworks and H&R Block has revealed that 84% of Aussie SMEs have not claimed the instant asset write-off. However, over 60% said they would like to reduce their tax bill.
Worse still, many were not even aware that the scheme existed. Only 25 % knew that the threshold had recently increased to $30,000. So, if you missed it, earlier this year the instant asset write-off was raised from $25,000 to $30,000.
Any Aussie SME looking to invest in business productivity can do so now and write off the expense ahead of tax time.
This countdown to EOFY is the perfect time to spend on your business. Spend now and you’ll get an immediate tax reduction when July 1 arrives. So, from a cash flow point of view, now is the time to take advantage.
If you’re looking at buying office furniture, vehicles, coffee machines, IT equipment, even stationary, now is the time to make the most of this EOFY offering. If you’ve been thinking about investing in POS devices, upgrading fitting and fixtures or keeping your office secure with a new system, the instant asset write-off scheme is worth investigating with your tax adviser.
You can read everything you need to know about equipment finance on our website.
* Give our team a call today and find out how you can SAVE $$$! Call 1300 44 14 14
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