By now, you would’ve been aware of the changes made to the instant asset write off, which extended the threshold from $25,000 to $30,000. Being able to invest in your business is essential, and with the end of the financial year around the corner, now is the time to do it. So, let’s take a look at how the write-off can be used to invest in digital innovation to enhance your business’s online presence.
But first up, am I eligible for this tax scheme?
Unlike previous years where the annual turnover limit for businesses was $10 million, the new write-off is now applicable to all businesses who have an annual turnover of less than $50 million. This will allow more medium-sized businesses to be eligible for the write-off. However, only assets purchased, installed and ready for use between the 6th April 2019 and 30th June 2020 are applicable.
Taking advantage of the write-off
Saving on taxes is great for any business, but before you can claim the deduction, you need to actually spend on the purchase first. There’s no point spending money for the sake of it just because we get a tax break.
All purchased assets should have a strong impact on the business and help in growth and stability. In short, using the instant write off to its full effect means always looking at the bigger picture in terms of investment and seeing how you can make the tax break benefit you going forward.
Invest in technology to boost your business
Nothing goes out of date faster than technology! Software that was state-of-the-art two years ago is now outdated and impractical. Not only do your office computers benefit from an overhaul, but your website can be upgraded with the instant asset write off too!
If your website was created a few years ago then there’s a chance that it could be running an old system, contains outdated information/services, or maybe it just isn’t designed in line with today’s online consumers which will most likely have a negative impact on your business.
Ensure your business is ready to take on the digital future by creating a solid digital infrastructure that will make a positive impact on your digital presence and boost online growth.
Get professional guidance to help you on your digital journey
In today’s digital world, you can’t afford to not make the most of your tech and online services. If you opt for a website overhaul, work with a digital expert to ensure that you get everything you need to create a successful platform that tells your brand’s story while converting leads into sales.
Netstripes, the authorised digital specialist for small businesses in NSW, offers several business solutions that are focused on growing small businesses using digital innovation. Including creating digital strategies specially tailored to suit individual businesses, to complete website overhauls and accelerated social media marketing.
Want to learn more about business solutions and how your business can benefit from it in the long run? We offer 1-on-1 Digital Advisory Sessions, fully funded by the NSW Government, to help you figure out what suits you best. In addition, there are Digital Bootcamp workshops and online learning courses monthly, all of which will cost you less than $30,000, so it can be purchased and tax-refunded under the instant asset write-off
As small business owners, we have a lot to look forward to with the $30,000 instant asset write-off. While most of us are excited to be able to invest more in our respective businesses, we need to focus on making sure the assets we purchase has long-term benefits for our business. Another reason to invest in the digital growth of our business to ensure we keep up with our competitors online.
Please speak to your tax accountant for all tax and investment related advice. Information provided above does not constitute as advice.
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