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Business Cashflow Tip – Asset Instant Write-Off
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Published on Friday, 21 June 2013 10:46
Are you aware of the Federal Government’s $6500 instant asset write-off? Up to 1 in 3 businesses aren’t aware!
A recent MYOB survey of over 1000 Australian businesses found that up to one in three were unaware, and less than 20% of small business already have used the write off or are planning to use it in the future. Additionally, business start-ups were found most likely to be in the dark about the write-off - almost 40 percent surveyed not aware of the benefit.
What it means is businesses are able to instantly write off the full amount of assets like new office equipment rather than the depreciated amount, and can provide much needed cash flow for small businesses.
The rise of the benefit to $6500, which was previously only $1000, was first announced as part of the changes to carbon pricing in the 2012 budget, and applies to small businesses with an aggregated annual turnover of up to $2 million.
For more info, see Business Tax Tips – 3 New Rules, and the ATO site at Back to Business Q 2 and Small Business Concessions 2012-2013
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