With the Australian Budget now released small business has awoken to news that capital purchases under $20,000 can be totally deducted. This is a major tax break. Previously these purchases would be written off over 5 years making the tax break a dribble and often not even making a difference to business.
Now is the time to start considering upgrading your machinery, equipment, cars/utes/trucks/boats.
This sound like a great idea in an ideal world but the truth is business often does not have a lot of spare cash hanging around. That is were Asset Finance or an Unsecured Loan is of value to the small business. Using business finance to fund your purchases may be a massive tax advantage, chat with your accountant about how it can benefit your business.
When you upgrade and purchase assets for your business you are assisting in the growth of your business and also keeping money flowing in the Australian economy. Of course that is what this budget change is all about keeping small business, the backbone of the country afloat.
If you wish to chat more about purchasing assets and how you can fund these purchases call Katherine at One Stop Loans Store: 1300 125 226