$20,000 tax break for small business
In the May Federal Budget an instant tax write off was announced allowing small businesses to get an immediate tax deduction for any individual assets they buy costing less than $20,000. (Currently, the threshold sits at $1,000).
This $20,000 limit applies to each individual item. Small businesses can apply this $20,000 rule to as many individual items as they wish.
To be eligible:
• the items have to be purchased after 12 May 2015 and installed ready for use by midnight on the 30th June 2017
• your business has to have a turnover of less than $2 million
• and of course you have to have taxable profits to offset this deduction against
If you meet the eligibility criteria, the purchase of a Bottlecycler machine can be immediately written off against your tax payable.
The majority of our customers opt for our rental package but the accelerated depreciation rule means that purchasing a BottleCycler machine now to crush glass bottles, reducing the volume of your empties, is now more affordable than ever.
If you’ve been considering improving the way you manage the waste glass in your venue and ensuring you recycle the glass efficiently, you can do so using BottleCycler. Save time and money whilst making the commitment to environmental best practice.
This temporary jump in the accelerated depreciation threshold is part of the Government’s “Growing Jobs and Small Business Package” and is designed to improve cash flow for small businesses and to encourage them to bring forward investment in the assets they need to grow their business and service their customers. Small businesses will get an immediate tax write off for all assets costing less than $20,000. For further information about the rules visit: www.budget.gov.au
The announcement has been made, the legislation has to be produced and passed through Parliament.