BRACE YOURSELF – EOFY 2015
June 20, 2019
The Tax Office reports that work-related expenses are the most common-claimed tax deductions, and that around seven million people make such claims in any tax year – with one of the most common components being car expenses.
There were some significant changes made to small business tax incentives in the 2015 Federal budget. The government will expand accelerated depreciation for small businesses by allowing them to immediately deduct assets that cost less than $20,000, including motor vehicles.
So what does this mean for you?
If you are an eligible small business with an annual turnover under $2 million, you are able to claim immediate tax deductions on vehicles that are valued up to $20,000inc GST.