As a small-business owner now is the time to be looking at your business equipment needs and preparing to make the most of tax-time.
- Get the Ball rolling before you run out of Time!
- Business Insurance – Are you covered?
- Thinking about a New Car?
Get the Ball rolling before you run out of Time!
$20,000 instant asset write-off
Take advantage of the $20k Instant Asset Write-Off
The original program was introduced in the 2015/16 budget and was due to expire in June this year.
The great news is that as part of the 2018 federal budget announcement the Government has committed to extending the program for a further 12 months.
This extension will continue to assist small businesses by allowing them to advantage of accelerated depreciation deductions through to the 30th of June 2019.
What Assets are included?
Any asset that decreases in value over time that you use for your business including; work vehicles, machinery, tools, office equipment, IT hardware and much more.
This includes new and used goods
If you’re unsure about what you can purchase and claim under the scheme, you should speak to your tax accountant and ask them to provide a full list of eligible assets, or read the ATO’s general depreciation rules.
The asset you claim must also be used to help your business to produce income.
Am I eligible to claim it?
The $20k write-off is available to all small businesses with an annual turnover up to $10 million.
There is no limit on the number of assets you can claim, just as long as the cost of each individual asset falls under the $20k limit (and is an eligible asset).
If your asset is worth more than $20k, you can still claim a depreciation deduction, however it will be claimed in line with the ATO’s depreciation schedule which can be over several years, as opposed to being able to claim it all back in the one financial year and having that money in your bank to help your business grow.
For more information visit the ATO’s website
How it affects your tax bill
If an asset used for business purposes decreases in value over time you can claim some depreciation on that asset (whether that be a vehicle, office equipment, tools etc).
This depreciation expense reduces the net profit of the business which in turn reduces the tax required to be paid by the business.
The advantage of the Instant Asset write-off scheme is that you claim that depreciation in a one-off lump sum in one year’s tax return instead of over several years returns.
With the $20k Write-Off, small businesses have more cash to use to expand and grow.
Any asset you buy and use before June 30 this year will be eligible to be claimed in this year’s tax return.
If you buy on the 1st of July 2018, you will have to wait a whole year to get the benefit of the instant write off!
So, don’t miss out, get in touch with Credit One business finance specialists today!
Business Insurance – Are you covered?
With Cybercrime on the rise is your business at risk?
EOFY can also be a great time to review your Business Insurance coverage.
Speak to Credit One’s in house insurance broker OneSure Insurance Service about your business insurance.
OneSure Insurance Service specialises in assessing insurance product from an extensive lineup of Australian insurance to find the most comprehensive protection for Australian businesses and families based on their unique and individual needs.
We understand the need for flexibility when it comes to insuring what’s important to you when unexpected accidents or life events arise, your lifestyle, business and interests are protected.
So, whether it’s your personal vehicle, your family home or your business & commercial assets, OneSure can help give you peace and mind.
Thinking about a New Car?
Take advantage of the End of Financial Year sales
The weeks leading up to the 30th of June can be a great time to buy a new car.
During this time dealers are keener than ever to move their stock to meet sales targets and clear old stock before the new financial year begins.
There will be plenty of discounts and specials in the EOFY sales, so be prepared with pre-approved finance so you can negotiate a great deal.
So, call one of our Credit One Business Finance specialists today to get that approval ready to go!
Hate the car buying process and dealing with pushy Car Salesmen?
We can help you take the grief out of it and find that new car through our many contacts in the industry.
Streamlined Commercial Loans – What are they?
Most small business owners, would rather be focusing on operating and building their business rather than sorting through paperwork and spending time on the phone organising finance.
A Credit One Streamlined Commercial Loan may be exactly what you need.
So, what makes a Streamlined Commercial Loan different?
The application process and reduced required supporting information is the main difference.
The actual contracts are the same as a traditional equipment finance loan, with similar rates and loan terms as a traditional loan, but without the requirement to produce on having all the necessary paperwork – Financials / Bank Statements.
And it’s not just limited to cars, you can get a Streamlined Commercial Loan for a large range of your business equipment needed to operate your business (such as office equipment, IT hardware and machinery).
Does this suit you?
Streamlined Commercial Loan are a type of "low doc" (Low Documentation) asset finance loan made available exclusively to business owners.
Credit One can help you if you’re a sole trader, a business partnership, a trust or a company so just email us if you think this loan type may suits you.
If you are:
- ABN registered for 12 months
- Buying privately or from a dealer
- Have Clear Credit File
But hurry, times running out and June 30 will be here before you know it!
Disclaimer: We strongly recommend that you should always contact your accountant or a registered tax agent’s and seek their professional advice before deciding on any finance proposal; this advice is general advice only as we are not aware of your personal circumstances. While we make every attempt to give you the best possible product information, Credit One, its agents, employees and accredited lenders will accept no responsibility for any loss that may arise.
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- Understanding Your Business Finance Options
- Starting a new business venture - can I get equipment finance?
- Make the Most of the EOFY Car Sales