2018 Government $20,000 Tax-Free Incentive Ends Soon!
With the end of the financial year just days away, it’s time to get in quick and take advantage of the Government’s $20,000 tax write off extension.
If you haven’t heard of this incentive, basically it means that if you buy an asset by 30 June and it costs less than $20,000, you can write off the business portion in your 2018 tax return.
This is the perfect opportunity to update your tool shed, if you’re a professional gardener, landscaper, farmer or even own a business that requires garden maintenance.
Here are some of Sunshine Coast Mower’s best selling garden options you should consider spending your tax-free $20,000 on!
Honda UMS425 Bent Shaft Brushcutter
A number one selling tool from Honda this brushcutter os powered by the Generation II, Mini 4-Stroke GX25 engine, and features Honda's famous one-pull easy starting for hassle-free starting every time. It’s the perfect upgrade tool for any garden savvy businessperson.
Stihl BG56 Petrol Blower
Another essential tool for any tool shed, the Stihl blower has an excellent power-to-weight ratio and quickly clears leaves and grass cuttings from any surface with ease. No more raking those leaves and dirt, this will clear the way quicker than any other garden tool.
This is a classic mower for all business lawns and home gardens (if that’s in your job description!) The Buffalo Classic features an advanced and compact 4-Stroke technology engine that delivers outstanding power, torque and fuel economy.
How do I know if my business is eligible?
The basic rule is this:
If you have a turnover less than $10 million (increased from $2 million on 1 July 2016), and the asset was first used or installed ready for use in the income year you are claiming it in.
Assets that cost $20,000 or more can't be immediately deducted. They will continue to be deducted over time using the general small business pool. You write off the balance of this pool if the balance (before applying any other depreciation deduction) is less than $20,000 at the end of an income year
Remember, the $20,000 threshold applied from 12 May 2015 and will reduce to $1,000 from 1 July 2018 - so now is the time to act, don’t wait until after the incentive ends!