There were a number of measures introduced in last year’s federal budget aimed at small businesses. For instance, the tax rate has decreased further to 27.5% for small businesses operating under a company structure. The federal government also temporarily increased the accelerated depreciation threshold to $20,000. As such, any qualifying assets purchased for less than this amount and used in the business before the end of the current financial year can be used to reduce your assessable income for this year.
Starting the conversation with us sooner rather than later will give you the best chance of building your nest egg before the end of the financial year.