Successful SMEs often hinge on making the right financial investments for their business to grow and develop. That is exactly why the new $30,000 instant asset write-off for small business owners like you, is the perfect opportunity to take advantage of.
With the new tax deductions, you can reduce the amount of payable tax instantly, while investing up to $30,000 on business assets. The asset write-offs can be claimed against equipment, IT hardware, vehicles and much more.
However, here are our top 5 best investments you should consider first when claiming the $30,000 instant asset write-off for your small business.
Invest in building your digital future
We all know that if small businesses want to remain competitive in today’s market, investing in digital technologies is key to staying in the lead. However, this investment can be costly!
That is why the $30,000 instant tax write-off is the best chance for you if you decide to take this leap. Businesses that are pragmatic and proactively investing in digital innovations such as new tools and platforms to enhance their business, can claim it against the asset write-off.
Invest in a vehicle
Any small business that generates under $50 million in revenue a year is a business that’d probably require a van or small pick-up for daily use. If you’ve been thinking of upgrading your vehicle to expand your business operations, now’s the time to upgrade. With the instant asset write off you could easily pick up a new vehicle, and claim for the vehicle purchase in the same financial year; just make sure it costs under $30,000 and is ready to use before the 30th June 2020.
However, before you step out to buy that car, consider how it’s going to be used. If the vehicle is used for both business and personal purposes, only the business portion can be instantly claimed. For example, if a vehicle is used 70% of the time for business purposes and 30% of the time for personal use, then you can only claim against $21,000. (70% of the total asset cost)
Invest in new office interiors
Whether you own or lease your business premises, you can claim tax benefits for additions around your place of work. The additions can refer to any changes made to an office to make it more suitable for business purposes. This includes wall partitions, kitchens, bathrooms, painting, and carpets and so on. If your office is situated on leased premises, always speak to an accountant before you make any large purchases to assess how the asset will benefit you in the long run and what will happen if you vacate.
Invest in important machinery
Business-related machinery can include anything from modern office equipment like printers, laptops, and smartphones to outdoor riggings and hardware, all of which is tax deductible. We don’t need to spend too much here either since equipment can either be brand new or second-hand, as long as it’s ‘new’ to your business.
Invest in online capabilities to win more business
At a time when constant growth and development is more important than ever, more small businesses must tap into the potential of online digital marketing to receive better results. A website is your business’s identity online and having a website that is designed exactly with all your business requirements and branding in mind can increase your sales in a matter of months.
It is important to recognise that the future is digital, so for small businesses the best advice we can give to you is to invest in something that will yield the greatest return; that is your digital future. This should mean securing your digital future by enhancing your digital capabilities and positioning your brand at a digital advantage. If you would like to hear our 3 wisest investments on innovative ideas for your business, click here.
Our web solutions are eligible for the $30,000 Instant Asset Write-off! With the end of the financial year looming upon us, don’t miss this opportunity to get a professional and modern website for your business, so you can win more customers before the EOFY. Click here to learn more.
Are you ready to elevate your business to another level? By attending our Digital Bootcamps and Advisory sessions, you’ll learn the fundamentals of succeeding in this digitalised world.
If you would like to attend our Digital Bootcamps, click here to find your nearest one.
As a small business owner, you are entitled to having four subsidised hours of one to one advisory with our Digital Strategists. Book yours here today.
Any questions? Feel free to talk to one of our digital strategists today. We are more than happy to help! Contact us now.