Small Business Tax Deductions

 
 

Now is the perfect time to consider upgrading products and equipment for your business. Eligible purchases by businesses satisfying the aggregated annual turnover test of less than $500 million may be entitled to an immediate write-off for the business portion of a qualifying asset provided the purchase price (including private use portion) is less than $150,000 and purchased and used or ready for use between 12 March 2020 and 30 June 2020.

So whether it’s a new business computer and printer system, a better fridge or coffee machine for the office kitchen, or an air conditioner to improve staff comfort levels, Bing Lee have a great range of products which eligible businesses can buy for less than $150,000. To be eligible to claim an immediate write-off for this financial year, make sure your business purchases and first uses or installs ready for use the eligible item before the earlier of the end of the business’ financial year or 30 June 2020.*

Naturally, see your accountant or tax adviser to ensure that your proposed purchase qualifies for the instant asset write-off before making any purchase.

 
 

Here are a few examples of what an eligible small business might consider upgrading before the end of the financial year:

 

 

 

*Purchase must be less than $150,000 by eligible business for business use and made between 12 March 2020 and 30 June 2020. Certain assets may be excluded. Tax law is complex and customers should check the eligibility of their purchase for any tax deduction with their tax advisor or accountant before making any purchase from Bing Lee.