Before tax time comes around, make the most of the new small business tax deduction threshold with some swanky new office furniture.
If you haven’t already heard, in May 2016, the federal government announced that small businesses will now “get an immediate deduction for any individual assets they buy costing less than $20,000” in the words of the official Federal Budget site. Which, if you’ve been doing your tax correctly all these years, you’ll know is a great leap from the original $1,000 threshold.
What’s the catch?
You’re going to have to play by a couple of rules here to make Budget 2016 worth your while. Here’s what you should keep in mind:
- The $20K is for individual assets: which is a good thing. It means that any one asset you purchase can be worth up to $19,999.
- You can buy AS MANY individual assets as you like. That’s right. Go nuts. Just remember that each has to remain under $20,000. Not too hard to do, we think.
- Assets must be purchased before the end of the financial year 30 June 2016 to be eligible for the deduction for this financial year.
- You must be a small business to qualify. In short, this means you’ll have an annual turnover of less than $2 million.
- The Budget 2016 deduction only applies for purchases made from 12 May 2016 to 30 June 2017.
That’s about it. And on that note, we think there’s nothing like having an inspiring work environment to get the juices going and invest in your business and ideas. From modern office furniture to the best AERON chair that money can buy, here are our top picks to create the perfect office environment. On a $20,000 Budget 2016 budget, obviously.