Are you a small to medium sized enterprise (SME) with a turnover of up to $50 million? If so, there’s one simple way to help manage your 2019 tax liability that you should consider in the lead up to 30 June, according to Jason de Boer, Tax Partner with advisory firm BDO Australia.
Read below for more information, or you can also watch our tax expert Jason de Boer run through the six office essentials to claim this year here.
The Federal Government’s instant asset write-off allows SMEs with a turnover of up to $50 million to claim an immediate tax deduction on capital asset purchases. “In the last Federal Budget, the Government increased the instant asset write-off to cover depreciable assets up to a cost of $30,000. I’d encourage the SME community to take the benefit of the write-off into account when evaluating their capital expenditure requirements. Make any required purchases and ensure they are delivered prior to 30 June 2019 to lower your tax liability for the current tax year,” explains Jason.
So what’s included under the instant asset write-off? According to Jason, examples of assets that may qualify for the deduction include:
This provides SMEs with an ideal opportunity to replace those capital assets around the office that may be at end of life or in need of an upgrade. For great tax time deals on everything from printers, office furniture and keyboards, visit www.winc.com.au or check out our latest Tax Time Catalogue out now.
If you want further information on the above please contact a BDO Tax adviser in one of BDO Australia’s many offices nationally. Visit the BDO website for contact details.
The material contained on this website is general commentary only. The information posted here should not be regarded as advice and is not intended to replace consultation with a qualified professional or tax and accounting practitioner. We do not answer specific legal or financial questions. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, Winc Australia Pty Limited is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Certain links in this article connect to other websites maintained by third parties over whom Winc Australia Pty Limited has no control. Winc Australia Pty Limited makes no representations as to the accuracy or any other aspect of information contained in other websites.
Jason De Boer is a Tax Partner at BDO Australia with over seventeen years’ experience in dealing with general corporate and international taxation matters. Jason has also provided numerous tax-related presentations to the ATO, CPA and TIA, as well as external clients. He is part of the Advisory Panel to the Board of Taxation.
If you would like further information on the above please contact a BDO Tax adviser in one of BDO Australia’s many offices nationally. Visit the BDO website for contact details.