Are you a small business owner? EOFY is approaching!! Time is running out!
Does your business need new equipment? Perhaps a new work vehicle? New machinery? or updated computers & printers?
The Government announced in the 2017 Federal Budget an extension of the instant write-off for assets purchased costing less than $20,000 for small businesses.
This deduction can be used for each asset that costs less than $20,000, whether new or second-hand. You can claim the deduction through your tax return, in the year the asset was first used or installed ready for use.
If there is insufficient cash in your business to purchase the item you may be able to apply for finance. At Wyze Finance we have access to multiple lenders that provide suitable loan products to small businesses.
If you require finance to purchase an asset for your small business this tax year contact us today.
For further information regarding the write-off rules please refer to the ATO website or your accountant to confirm eligibility.