How to Claim the $20,000 Tax Break 2017
How to Qualify:
If you own a registered business with an ABN that has turned over less than $2million(AUD) then your business qualifies.
$20,000 PER item, with no limit on how many items you buy. (Previously the threshold was $1,000.)
Items You Can Claim:
- You could claim any item that is used for running your business like:
- Vehicles (Cars, Motorbikes, RTV's, Tractors)
- Equipment (Lawnmowers, Machinery/Implements, Generators, Pumps)
Items You Can't Claim:
You cannot claim an item if it isn't a part of your businesses running costs:
- Computer Software
Small businesses have 2 years to take advantage of the new $20,000 tax break, so it ends on the 30th June, 2017 but it is effective immediately.
We recommend that you seek independent financial advice from your accountant as individual circumstances may vary.