none

DON’T MISS OUT ON THE WRITE-OFF

01-02-2018
by 
in 

As a small business owner myself, I have been surprised to find how poorly understood the Federal Government’s $20,000 instant asset write-off scheme is. And, as a result, small businesses have been putting off purchases simply because they don’t realise that they can claim almost immediately.

The greatest misconception is that the allowance is $20,000 per company per year.

Wrong: the $20,000 refers to the maximum value of each asset – and there is no limit to the number of claims that can be made in a year.

We here at Industry Update have taken advantage of the scheme to upgrade several of our computers and expand our video production capabilities. Each of the asset purchases is valued at less than $20,000, and all are eligible for write-off this tax year.

Another misconception is in the definition of a small business. This is simple. Any business with a turnover of less than $10 million is eligible.

The third misconception is the duration of the scheme. And while the government has indeed been extending it each year, it would be foolish to assume that it will continue into the 2018/19 tax year.

The scheme is designed to encourage the sorts of investments that help small businesses to grow, and there are very few exclusions on the equipment that is covered.

The time to invest is now, and to help encourage that investment, we’ll be running a special feature in the April issue of Industry Update magazine focusing on the types of equipment eligible for the scheme.

 

Related news & editorials

  1. 08.05.2018
    08.05.2018
    by      In
    It’s that time of year again, and the industry’s focus is drawn to National Manufacturing Week in Sydney.
    While planning our own activities for the week, I was reminded just what a long association Industry Update has had with the industry’s premier exhibition and conference.
    This might seem... Read More
  2. 14.03.2018
    14.03.2018
    by      In
    The seemingly endless need to upgrade and improve our IT and communications hardware is nothing new. Ever more sophisticated software inevitably requires more computing power – both on the desktop and in the smartphone.
    Not surprisingly, this has led to a growing problem of e-waste: underpowered... Read More
  3. 12.02.2018
    12.02.2018
    by      In
    INDUSTRY UPDATE MAGAZINE SETS NEW RECORD WITH 100TH EDITION
    On Thursday 8th February 2018, Industry Update set a new record with advertisement sales for the February/March 2018 edition exceeding our previous “biggest edition” ever. And with three weeks before ad sales close, the total page count is... Read More
  4. Scott Filby
    18.12.2017
    18.12.2017
    by      In
    As the year draws to a close, it is worthwhile to reflect on the challenges, the successes and the achievements of 2017.
    For Industry Update Media it has certainly been a successful year, with a tsunami of returning advertisers that will ensure that 2018 will be our best year ever.
    Industry Update... Read More