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Have you been considering upgrading your business' equipment?
Is your business looking to implement me energy efficiency upgrades?
Are you a business with an annual turnover of less than 10 Million (increased from $2 million on 1 July 2016) dollars?
The Federal Government accelerated depreciation for small businesses initiative is an excellent opportunity to improve the ROI of efficiency upgrades and help your small business.
If you buy an asset by 30 June costing less than $20,000, you can now write off the business portion in your tax return (If the asset was first used or installed ready for use in the income year you are claiming it in).
Assets that cost more than $20,000 will continue to be deducted over time using the general small business pool. The balance of this pool can then be deducted if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year.
By taking advantage of the accelerated depreciation for small businesses initiative when costing and implementing your energy saving projects, your tax savings can be added to the energy cost savings, amplifying the financial benefits and getting more money back to your small business.
Find out more and get support from the Australian Tax office.
The Australian Government provides financial assistance to entrepreneurs in a form of small business grants. These grants are offered in order to help businesses grow employment opportunities.
The grants process is subject to rigor and the ability of the business to fulfil the respective grant terms and conditions. For more information, go to Government Grants Australia
Did you know innovative businesses are 60 per cent more likely to increase their profits? In fact, innovative businesses are also twice as likely to increase their productivity and employment.
The National Innovation and Science Agenda is encouraging businesses to embrace risk, entrepreneurship and be innovators in every field.
For more information on how business operators can embrace this new movement to grow their business, visit innovation.gov.au.
