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Cubit Estimating Update: 10.1.1 now available

Buildsoft has released a new update to Cubit Estimating, with version 10.1.1. See details of the enhancements and fixes below.  Enhancements Windows and Doors Autocount By default, Autocount will be set to Manual Selection; so if you’ve selected an Item with a.....

The small business tax write-off has again been extended for another year. This is great news for small business, when every asset can make a difference to your success.

Being a small business owner can be an exhausting endeavour. Not only do you have to manage your regular workload, you also have to do your own administration, marketing and bookkeeping, among an unending range of other tasks.

When it comes to tax time, the choice to run your own business can seem even more daunting, but sometimes the end of financial year cloud comes with a silver lining. This year, there’s two: a special small business tax write-off, and Buildsoft’s massive End of Financial Year sale.

What is the small business write-off?

In an effort to support small business, the Australian Government has introduced an instant write-off for eligible assets costing less than $20,000.

This is a significant increase from the deductions that were previously available. Fom January 2014, a small business could claim immediate deductions for depreciating assets purchased for less than $1,000. This was increased in May 2015 for small businesses with an annual turnover of less than $2million, to eligible assets purchased for less than $20,000 before 30 June 2017.

This provision has been extended further, so now if you're a small business with a turnover of less than $10 million, you’re still able to claim an immediate deduction for each eligible asset costing less than $20,000, for another year.

What does this mean for you and your business?

Using this provision, you’ll be able to purchase and claim deductions for assets that will help you to not only perform your work better, but also grow your business.

The key to any successful construction business is accurate estimating, allowing you to anticipate all of your costs and ensure profitability. If you’ve ever wanted to improve the way you estimate, this is the perfect opportunity.

Some computer software, including Cubit, is considered an eligible asset under this provision. This means you can claim your purchase of Cubit, making right now the ideal time to start using it as your estimating solution. 

Here’s an example of how the provision works:

In June 2017, James pays $3196 for his Cubit estimating software licence. His company’s assessable income for 2016-17 is $100,000.
Because the software costs less than $20,000, James can write-off the full cost of the software immediately (that is, in the 2016-17 financial year).
This means the company’s taxable income would be $96,804. See below: 

$100,000 (assessable income) - $3196 (deductions) = $96,804 (taxable income)

  • Without the deductions: the taxable income is $100,000. At the Australian small business company tax rate of 27.5%, the tax payable would be $27,500
  • With the deductions: the taxable income reduces to $96,804. The tax payable would be $26,621.10

*Example amended from the Department of Industry, Innovation and Science.
If you have any questions or need clarification on how the small business tax write-off can work for you, you should contact the ATO. This example is not a substitute for independent financial advice.

Once you’ve purchased Cubit, you’ll start seeing a change straight away. The software helps you improve the way you work, by combining estimating and takeoff in one seamless package. Using Cubit, you could be estimating jobs up to 10 times faster than traditional methods, or three times faster if you’re using other software packages. 

Cubit is a specialised system with flexible functionality that allows you to work the way you think, and estimate the way you want. Reclaim your time and minimise errors, with pinoint accurate on-screen takeoffs, incorporating quantities straight into your estimate. This seamless integration of takeoff with estimating makes Cubit an all-in-one solution, showing you the information where you want it, when you need it. 

By improving the speed and accuracy of your estimates, you’ll be able to submit more bids, tenders and quotes; and have a higher likelihood of winning jobs. It also means you’ll have more time to dedicate to other important areas of your business.

Why June is the best time for you to purchase your estimating software.

While the government’s small business write-off provision is an attractive incentive, there’s another great reason for you to consider using Cubit as your estimating solution - Buildsoft’s massive End of Financial Year sale.

During June, you’ll receive 20% off new licences, and 20% off Cubit Classroom Training - the largest discount ever offered.

Buildsoft is excited to offer Cubit at a discounted price so you can start estimating faster and more accurately for less. The offer is open to all new and existing customers, so if you’re looking for your first estimating software package; want to move to a better system; need to purchase additional licences; or want to book in for some training, there’s never been a better time.  

We’re also offering up to 20% off upgrades to Cubit Professional, and special early adopter pricing for Cubit Select - our new online subcontractor cost comparison solution.

The sale is available for a limited time only and conditions apply. 

Take advantage of these huge savings before time runs out!

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