Originally due to revert back to $1,000 on July 1st 2020, the Federal Government has announced an extension of the instant asset write-off threshold increase, through to the end of the year, 31 December 2020. Great news for small business!
We once again find ourselves approaching the end of the current financial year (and what a year it has been!). Due to the COVID-19 pandemic, the ATO have increased the instant asset write-off threshold from $30,000 to $150,000. They have also expanded access to include businesses with a turnover of less than $500 million, up from $50 million.
At Seek Financial, we have the privilege of meeting with business owners from all types of industries and backgrounds. Whilst they are very good at what they do, they often find that navigating through the finance application process can be quite frustrating. Well that’s where we come in, helping people secure finance for both their personal and business needs is our speciality. It’s what we do every day.
So we’ve put together our top tips to help streamline the process for you.
As we come up to the end of the financial year, now is a good time to consider whether the purchase of new assets or equipment could benefit your business.
Asset and equipment finance is a great way to preserve cash flow and working capital. Of course, the asset can also begin to generate immediate income for you and there could be potential tax advantages to make the most of.