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.