One of the biggest announcements in last month’s budget was the temporary increase to the instant asset write-off, allowing small businesses to claim back purchases of up to $20,000.
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. These arrangements start from mid-May and will continue until the end of June 2017.
Businesses with an annual turnover under $2 million can claim immediate tax deductions for as many sub-$20,000 purchases.
For hospitality operators thinking about Point of Sale or contemplating additional hardware as part of their existing solution – this is worth putting into consideration.
We recommend you seek accounting advice to see if this benefit is applicable to your business.