Instant Write-Off Extended And Expanded But Time Running Out For FY17
Whilst the Accelerated Depreciation measure has been extended and even expanded, time is running out for FY17 depreciation.
Australia has made a point in recent years of providing financial assistance for small businesses looking to grow. To that end, the Federal Government came out with a new tax structure in 2015 that reduced rates for SMEs and also allowed them to immediately deduct the costs of new asset purchases, where each asset is worth up to $20,000.
Whilst the measure has been extended in the FY 17/18 Federal Budget and even expanded to include businesses turning over up to $10,000,000, time is running out to claim deductions in 2017.
Time is now running out for FY17
If your company is considering buying new equipment, now may be the time to do it - if you want to benefit from the instant write-off this financial year.
How equipment finance can help
If you do need to acquire equipment before June 30 to take advantage of the instant write-off measure, but lack the upfront capital required, get in touch with Classic Funding Group to arrange fast equipment finance.
Financing the equipment on a Secured Loan (also commonly known as a Chattel Mortgage) give you ownership of the asset from the outset and may be able to be depreciated instantly. Speak with your accountant or financial advisor to see if you’re eligible for the measure and what finance structure makes sense for your business.
The end of the financial year is always a scramble, why not make arranging finance easier. You may even be pre-approved for up to $75,000 without having to provide financials.
If you finance with Classic before June 30, pay only $5 for the first three months of your contract. Credit criteria, terms and conditions do apply, so please give us a call on 1300 780 895 to find out more!