Tax Incentives for Aussie Businesses
17 June 2019
Tax Incentives for Aussie Businesses
Small Australian businesses deserve a break. And we’re happy to say the Government is giving small businesses a break this tax time.
Here’s how you will benefit from the governments instant write-off incentive when buying a shed for your small business or farm.
Small Businesses – Instant Asset Write-off
As of 2nd April 2019, the Instant Asset Write-Off Incentive was increased to $30,000 for each asset.
What this does this mean? If you are operating a small business (with an annual turnover of less than $10mil), you can deduct the business proportion of the Shed or Garage, providing it cost $30k or less for each asset / shed (for sheds bought and installed after 2nd April). Please check out this site www.ato.gov.au/business/small-business-entity-concessions/what-s-new-for-small-business, for buildings bought prior to this date.
Larger businesses with a turnover of $10mil - $50mil may also be eligible for assets acquired that cost $30k or less.
Australian Farmers – Fencing and Fodder Storage
Additionally, we are pleased to announce that the government is also helping our Aussie farmers with a Fodder Storage write-off. Farmers can claim a deduction for the full cost of the fodder storage structure. Terms and conditions apply as follows:
- Acquired the Fodder Storage Shed on or after 19th August 2018.
- Building must be mainly used for the storage of fodder
- Primary production business in Australia – you can claim regardless of whether you own the land or are a lessee.
For a more detailed information on the Fodder Storage Incentive - and how it can financially benefit you, please visit: www.ato.gov.au/Business/Primary-producers/In-detail/Capital-expenditure/Fencing-and-fodder-storage-assets.
When it comes to investing in a steel building, the team at Totalspan will help you save where we can. Speak to your local Totalspan Shed Specialists for more details.
Our buildings are not just engineered strong, they are engineered to keep you, your family and your business safe. View our full range online today.
