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Federal Budget creates a win for small business!

small_budget

The Federal budget contains a number of wins for small business such as;

  • Reduced corporate Tax rate
  • Asset write off and support for start-ups.
  • Tax discount for unincorporated small business.

Highlights include

  • Work-related portable electronic devices are now free of fringe benefits tax.
  • All small businesses with an aggregate annual turnover of less than $2 million will get an immediate tax deduction for any individual assets they start to use or install ready for use, costing less than $20,000.

This $20,000.00 limit applies to each individual item and is available till June 30 2017. Small business can apply this $20,000.00 rule to as many items as they wish. Of course you should check with your accountant as to whether your deduction is valid for your business.

The next question is: What technology does your business need? Talk to GPK to find out how you can take advantage of the change to the Federal Budget.

 

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