Last chance for tax savings
Tax saving opportunity on business purchases under $5,000.
Don’t miss out – deadline is 16th March.
As part of the Government’s COVID-19 recovery package, you’ve still got time to take advantage of this fantastic tax-saving opportunity.
Put simply, the rule means that you can immediately write-off any business-related assets that you buy before 17th March 2021 and cost less than $5,000 (excluding GST).
If you purchase an asset for $5000 this equates to a potential tax saving of almost $1,400 on each qualifying asset!
So what type of purchases qualify?
Laptops, mobile phones, office equipment - you name it. As long as the item is for business purposes, you can immediately deduct its full cost and reduce your tax liability.
Looking for more tax-saving ideas.
For more information about this and other tax-saving ideas, please visit our accounting partner, Beany at:
*Warehouse Stationery are not registered tax agents or financial advisors so cannot provide financial or tax advice. Always seek professional advice and support in relation to your tax matters.