$20,000 immediate tax deduction could get the axe

$20,000 immediate tax deduction could get the axe

The $20,000 immediate tax deduction is at this stage only guaranteed until June 30, 2017, which means there could only be a limited time left to receive this deduction on assets purchased this financial year.

Small business is hoping this initiative will continue and all eyes will be on the May budget.

The immediate tax deduction was one of the key financial policies in the 2015 Federal Budget, allowing businesses to claim the deduction immediately, as opposed to over a number of years.

Complete Display Equipment sales manager Rob Catalano said the tax deduction has been a great help to small business and bakeries all around the country.

“It means a small bakery can basically do a total shop fit-out, including brand-new refrigerated cake cabinets, ambient cabinets, pie warmers, sandwich bars, coffee and till benches and bread displays, and claim a tax deduction of $20,000 immediately,” he said.

Visit the ATO website for more information.

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