If you run a small or medium sized business, the recent 2019-20 Federal Budget is sure going to put a smile on your dial.
Why? The instant asset write-off scheme has been extended until 30 June 2020 and the cap increased from $25,000 to $30,000.
Up until now, only small businesses with an annual turnover of up to $10 million were eligible to claim under the scheme, but the Federal Government has sweetened the deal, announcing businesses with an annual turnover of less than $50 million can now also benefit.
So what does this mean for your business? You can purchase assets up to $30,000 and immediately claim the deduction, provided you meet eligibility and it is ‘first used or installed ready to be used’ before the 30 June 2020 cut-off.
It is expected the boost in business activity and investment will save SMEs (small and medium sized enterprises) $700 million over the next few years, and deliver $300 million in extra revenue.
Need a new business phone system for your office? Make the most of the instant asset write-off and talk to the phone system specialists at Nexgen. Backed by our expertise, we’ll help you choose the right phone system to support your daily business operations and future proof you for growth.