Small Business Changes

The May 2015 Federal Budget brought some helpful changes for small business with turnovers under $2M per annum. It was since extended to those with aggregate turnovers of under $10M. See the ATO link at Small Business Instant Asset Write Off Deduction The most popular has been the $20,000 depreciable asset purchases made prior to 30th June 2019. It has some twists which need to be considered, particularly if the small business is registered for GST, or the small business acquires assets under finance arrangements. Call for a specific answer that meets your business needs.