Small Business Tax Deductions


Now is the perfect time to consider upgrading products and equipment if you are a small business for tax purposes. An eligible small businesses(businesses satisfying the aggregated annual turnover test of less than $2 million) will be allowed a tax deduction for accelerated depreciation under the simplified depreciation rules for the taxable purpose portion of a depreciating asset provided the purchase price (including private use portion) is purchased for less than $20,000 and purchased between 7.30pm AEST on 12 May 2015 and on or before 30 June 2018. The Australian Government has also announced an intention to legislate to extend the qualifying period as part of the 2018 budget measures.

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 electronic products which eligible small businesses can buy for less than $20,000 which may be eligible under this small business incentive. To claim an accelerated tax deduction for this financial year, make sure your small business purchases and first uses or installs ready for use the eligible product before the end of this financial year.*

Naturally, see your accountant or tax adviser to ensure that your proposed purchase qualifies under the accelerated depreciation laws for small businesses.


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

* Tax law can be complex and customers are encouraged to check the eligibility of their purchase for accelerated depreciation before making any purchase from Bing Lee. Certain assets may be excluded.