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The 2015 Budget introduced a new tax benefit for small businesses in the form of immediate tax deductions, and the 2017 Budget extended these to 2018, while also raising the annual turnover threshold for eligible businesses from $2 million to $10 million.
Now, businesses with an annual turnover of less than $10 million can claim immediate tax deductions for all business-related purchases of less than $20,000. This change in the legislature was effective from May 12, 2017. The recent June 2018 Budget announcement saw this tax deduction extended to June 2019.
It might be a great time for small business owners to claim the tax breaks on offer, but they may not be extended again after June 30 2019, and business owners might not have the funds needed to purchase eligible business-related before then.
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While small businesses may be looking to expand or simply invest in their existing operations, cash flow fluctuations or shortfalls in funding may limit the possibilities available. This is where small business finance comes in. This type of finance can help small business owners purchase office equipment such as chairs and computers, or make renovations to premises or purchase business vehicles. Depending on the type of loan you opt for there may be restrictions available – for instance with secured loans – so be sure to check these before you apply.
There's a variety of loan options available, which are detailed below, that can help businesses not only get the financing they need, but also not make repaying the loan too difficult. If regular repayments aren't going to work for you, a line of credit loan, credit card or overdraft might be an option. For those that would prefer the regularity of repayments to work into business budgets, standard business loans are available.
Cash flow fluctuations are inevitable in any business. One of the reasons why a business may be unable to manage its cash flow is outstanding invoices. If your business has unpaid invoices, invoice financing may be an option.
Compare invoice financing products below.
Find the best business credit card for you
If you want to start your own business, you can make business-related purchases via payday loans too. These loans provide you with ready money until the day you receive your next payment. In addition, they feature different eligibility requirements and application processes too. So, even if you have bad credit, you could still qualify for a payday loan.
Small businesses with annual turnovers of less than $10 million can look forward to lower tax rates of 27.5% in the 2017 Budget, while unincorporated businesses with annual turnovers under $5 million can benefit from an increase in the rate of the unincorporated tax discount to 8%.
In addition, the $20,000 tax break applies to businesses that can demonstrate ongoing activity and trading via quarterly Business Activity Statements. But, businesses cannot utilise this provision for claiming tax breaks on assets worth more than $20,000.
Moreover, business owners cannot claim tax breaks on certain items. These include as horticultural plants, software developed in-house, stocks and so on.
Consider the following points to determine which credit option best meets your requirements.
Shopping online is not only convenient. Often, it gets you the best deals available too. Deals and coupon codes can help you save on small business purchases, and you can find a huge range of them available right here at Finder.com.au.
See what deals and discounts are available
When you buy eligible business purchases here, they can be claimed back on tax, while you can also take advantage of bonuses like free shipping, price match guarantees and straightforward discounts or low prices. If any business items come to mind, you might want to check for them here, including:
Business finance can be a good option to consider, especially if you have the means to repay but just don't have the ready money. Keep in mind the multitude of credit options available to you, and compare them to find the best one for you and your business.
Picture: Shutterstock
A UCapital unsecured business loan can provide up to $300,000 without security, with repayment terms between 3 and 12 months.
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How to acquire business loan to buy existing business without mortgaging property
Hey Vinodsingh,
You may find useful information on our page on Unsecured Business Loans that features loans which do not require you to attach an asset as security.
Before applying for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant PDS/ T&Cs of the loan option before making a decision and consider whether the product or option is right for you.
I hope this helps.
Cheers!
Maria