EOFY - TAX INCENTIVES ON OFFICE FITOUTS AND FURNITURE BEFORE JUNE 30.... (RUN ... DON’T WALK)

EOFY - TAX INCENTIVES ON OFFICE FITOUTS AND FURNITURE BEFORE JUNE 30....  (RUN ... DON’T WALK)

It’s nearly that time of year again ... and no, we’re not referring to Christmas in July, but rather her far less frivolous friend; EOFY 2021. But it’s not all bad news!

As part of the Federal Government’s COVID-19 business stimulus package, a temporary measure has been announced to allow businesses to claim an immediate deduction for the full cost of eligible capital assets (including office fit-outs and furniture).

Under this new measure, known as “temporary full expensing,” businesses with aggregated annual turnover of less than $5 billion will be able to deduct the full cost of eligible capital assets acquired from 7:30pm AEDT on 6 October 2020 and first used or installed by 30 June 2022.

Am I eligible for temporary full expensing?

If you’re a small business owner and your turnover is less than $5 billion, you can take advantage of the Government’s temporary full expensing measures. You’ll just need to have purchased your asset after 6 October 2020, and have them ready to go by 30 June 2022.

What Should I do Now?

If you were thinking about investing in an office fit out or furniture, then NOW is the perfect time to do it. Take advantage of the tax write-off in this current financial year and at the same time invest in improving business efficiency. Whether your business needs a few office chairs, new ergonomic workstations or a whole home office fit-out, there has never been a better time to act and the team at Home Office Study are here to help you with personalised advice.

Please contact us, and we will arrange a return call for a no obligation chat. But be quick ... the countdown to June 30 is on ...

All information in the article is general in nature. You should consult with a qualified professional to get personalised advice for your own business.

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