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The Australian Tax Office’s EOFY Tax Write-Off for Small Businesses

Australian small businesses once again benefit from the Australian Tax Office’s allowance in the budget for a $20,000 instant asset write-off in the 2017/18 financial year. This allows small businesses with a turnover of less that $10 million a year to write off any business-related assets that cost less than $20,000 (either new or second-hand).

This budget measure allows small businesses to immediately deduct the “business portion of most assets if they cost less than $20,000 and were purchased between 7:30PM on 12 May 2015 and 30 June 2018”, offering the potential for three years of business related purchases to be written off.

The measure also requires small businesses wanting to claim the asset write-off to pool any other assets over $20,000 and depreciate these assets. The depreciation occurs at a rate 15 per cent in the first year, and 30 per cent each year after this first year.

 

What this means for your small business

This incentive allows for small businesses to obtain goods that are important but may have previously seemed difficult to justify in the budget.

The business-related assets that are not included as part of this measure include capital works, assets already allocated to low-value pools, assets leased out more than 50% of the time on a depreciated asset lease, horticultural plants and in-house developed software. This qualifies any medical goods from Team Med qualify as assets that can be written off, making this time of year perfect for finding any assets that your business might have put off purchasing.

 

All of your medical equipment needs in one place

The range of medical supplies at Team Med is entirely comprehensive, offering a complete range of hospital and healthcare needs in one place. This allows small businesses to easily catalogue their purchases, however diverse they may be.

We currently offer a huge range of discounted:

Many more products are available – get in touch if you’re after something specific.

 

Learn more about the EOFY tax write-off

If you’re interested in finding out more information about the Australian Tax Office’s $20,000 tax write off, or for any questions about any of the products we have available at Team Med, we’d be happy to help you out – make sure to enquire with our knowledgeable team today.

Let us help you