EOFY Small Business Tax Deductions

*You may be able to claim anything used for running your business e.g. Furniture, Bedlinen, Mattresses, Bathroom Accessories and more!

 

Small businesses entities with an aggregate annual turnover less than $50 million may be able to claim an immediate deduction, in the 2019 tax year, for assets that cost up to $30,000, for items purchased up until June 30.

 

The ‘less than $30,000 threshold’ applies to individual items. Small businesses can apply the ‘instant asset write-off threshold’ to as many items as they like. Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use. The deduction is limited to the extent to which the asset must be used for an income producing purpose only. The terms stated are general in nature only and do not constitute taxation advice.

 

Other requirements under tax law apply. Canningvale Australia Pty Ltd advise you to speak to your tax professional for advice tailored to your individual circumstances and whether you are eligible to claim a tax deduction for any purchases.

 

For More Details About Small Business Tax Deductions, Click Here

 

 

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