TAX time! Deduct backyard cabin costing less than $20,000

If you are a Small Business owner or would like to work from the comfort of you own home, there is an Australian Government incentive allowing you to reduce tax. This popular tax write-off scheme allows small businesses to write off each asset costing less than $20,000 instantly. If your business has a turnover of less than $10 million and your asset was purchased and used or installed and ready to use for business in the Financial Year 16/17, speak to your registered Taxation Accountant about this Tax benefit you could use for a number things you’ve been planning to purchase.

“Whether it be some new computer equipment, a new car or maybe a new coffee machine for the office kitchen, now is a great time for small businesses to go out and make those capital purchases that might have been on the wish list, but where the time just never seemed quite right.” – said Mark Chapman, tax communications director (source: The Sydney Morning Herald)

Most of YZY backyard cabins in sizes of up to 20 m² will fit this tax scheme costing as low as $7,000 for a small cabin kit or fully installed up to 20m² cabin within $10,000-$20,000 price range.  Should you need a storage shed, a workshop, maybe a portable gallery or a space for any other business purpose, ask your accountant for advice. If your business can claim such asset as work-related purchase, talk to your nearest cabins builder.

Tax deductions Small business $20,000

Information sources:

Read more about $20,000 instant asset write-off on ATO website in the Small Business Newsroom section: https://www.ato.gov.au/newsroom/smallbusiness/lodging-and-paying/get-your-$20,000-instant-asset-write-off/

Government extended an instant asset write-off provision for small business, announced on 9 May 2017: https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/Income-tax-for-businesses/Extending-the-immediate-deductibility-threshold-for-small-business/

Legal and simple ways to beat the ATO: http://www.smh.com.au/money/legal-and-simple-ways-to-beat-the-ato-20150520-gh6cai.html

Budget 2017: Small business celebrates win on tax breaks: http://www.smh.com.au/business/federal-budget/budget-2017-small-business-celebrates-win-on-tax-break-20170509-gw11xw.html

Disclaimer

Information in this article is a general in nature and does not take into account your personal situation, is not a substitute for professional advice. You must not rely on the information in this article as an alternative to legal advice from your accountant, registered tax agent or other professional legal services provider. Please consult with a professional tax agent before the purchase.