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With a little help from the Senate the $20,000 small business tax break was passed today.
If you are a ‘small business’ you can now safely go out and buy assets costing less than $20,000 before 30 June knowing your tax deduction is safe.
What else should you consider before going out and spending the cash before 30 June:
[To qualify as a “small business” the turnover of your business and related businesses must be less than $2 million]
For those of you that do not qualify as a ‘small business’, let’s hope that the package does bring some stimulus to the economy as a whole through the sale of the goods and services to the small business sector.
If you have any questions about this measure and how it could impact you specifically, please don’t hesitate to contact one of our Tax Specialist team members. Or better yet, drop in and see us at our premises – Level 1, 27 James Street, Fortitude Valley.
John Knight - firstname.lastname@example.org
Michael Garrone - email@example.com
Bradley Conn - firstname.lastname@example.org
Joe Scuderi - email@example.com
Craig Harrison - firstname.lastname@example.org
Josh Smith - email@example.com
Michelle Burton - firstname.lastname@example.org