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EOFY Tax Deductions for Small Businesses

by Charina Warne | Jun 19, 2017

This is a friendly reminder to let you know that small businesses with an aggregated annual turnover of up to $10 million can immediately deduct assets they start to use, or install ready for use, provided the assets cost less than $20,000. This applies to assets purchased up until 30th June 2017. Small businesses can apply this $20,000 rule up to as many individual items as they wish.

Businesses should seek professional advice to determine whether they are able to claim a deduction for such purchases. 

Who is eligible?

Any business that meets the definition of small business entity, with an aggregated turnover less than $10 million, may be eligible for the immediate deductibility of assets costing less than $20,000.

How can we help?

Please contact Dorchester Computing about using this tax break to build up your business' IT infrastructure and hardware. If you make your purchase before June 30th, you can claim it in this year's tax return, so be quick to get in touch!

Dorchester June EOFY 2017
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