In case you missed it, a highlight from this year’s Federal Budget was the temporary increase to instant asset write-offs for small businesses. Since the announcement of the incentive in May, we’ve noticed a spike in the amount of small business owners who are buying Brightgreen products for their offices, stores, restaurants, cafes and bars.
By upgrading to LED lighting now, you can cut your business’s winter electricity bill, reduce your tax liability on the purchase by 30% and start enjoying long term savings – with Brightgreen’s energy-saving LEDs designed to and last for up to 70,000hrs!
Here are some need-to-knows about the $20,000 Small Business Tax Break:
To qualify your business must have a registered ABN, an annual turnover of under $2 million and be able to demonstrate ongoing activity via quarterly business statements.
Any assets involved in running your business up to the value of $20,000. This is a massive leap from the previous write-off threshold of only $1,000.
If the asset-write off is available until June 30, 2017, why is everyone rushing to get in before the end of this financial year?
As of July 1st small businesses will see their tax rate fall from the current 30 per cent to 28.5 per cent. While legislation to give effect to the proposal has not yet been enacted, if it goes through eligibility will be backdated to budget night (12th of May, 2015). This means that you can lock in deductions at the current higher rate if you get in before the end of financial year.
To learn more about the $20,000 Small Business Immediate Asset Deduction click here or talk to your accountant today.
For more information about how Brightgreen lights can enhance the appearance of your workspace and save your business money visit your closest Brightgreen retailer.