Small Businesses need to take advantage of the instant asset write-off before 30 June! With current legislation, business assets that are installed and ready to use before 30 June that cost less than $6,500 are instantly written off. This can and does include Solar investments for your business which will provide:
- Potential tax savings and;
- Positive cash flow on the tax savings and claiming back the GST;
Take advantage of the instant write off now before the government reintroduces the legislation to abolish the $6,500 instant write-off. Right now, the government legislation is in ‘limbo’ and they have made no commitment to abolishing the instant write-off in the 2014 Federal Budget. The government’s election commitment to abolish the mining tax and the $6,500 instant write off back to $1,000 was to be effective from 1 January 2014, however the legislation was defeated in the Senate and the government has made no commitment ever since. Effectively, the $6,500 write off still stands despite the government’s intention, which could potentially be a bonus for small business.
Investing in a Solar not only provides a dollar return on your investment, Solar provides an exciting opportunity to create long term value for your business and help save our environment.
As always, we recommend that you seek independent tax advice on your entitlement to the small business concessions and the instant write-off, but do it now before the opportunity for savings is taken away by the new Federal Budget.