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David Cartwright

How to - 5 min read

How the Tax Man can benefit your business

David Cartwright

Senior Product Marketing Manager

May 29, 2019 10:43:24 AM

It’s that time of year again when it’s time to get all your financial ducks in a row, and cross your fingers that you’ve done all you can to avoid winding up with a huge tax bill for you and your business.

While it can seem like a daunting time, there’s no need to just hope for the best. There’s some great tax benefits - savings and write-offs, that are just waiting for you to take advantage of; you just have to know they’re there.

Whether you run a large business or your own small business, it’s important to know what savings are available, and how you can actually benefit from the Tax Man.


The small business tax write-off

Small business owners have a lot to deal with, so it’s a big deal when some significant savings come your way.

For small businesses, the Australian Government introduced an instant write-off for eligible assets, which has been available for a few years now. This year however, there has been another change.

The instant write-off for eligible assets has been increased to $30,000 and now includes  businesses with a turnover of less than $50 million.

Claiming Operating Expenses

At tax time, there are a range of deductible expenses you can claim, and you should get to know them to make the most of any savings available.

Operating expenses are the ongoing costs of running your business from day to day; and are different to capital expenses, (which are assets purchased for your business). Generally, most operating expenses can be claimed in the same financial year as you incur them.

How can these deductions help improve your estimating?

Estimating is time-consuming and complicated. Estimating software like Cubit helps you improve the speed and accuracy of your work, so you can start producing your most successful estimates.

This year, Buildsoft has introduced Cubit as a subscription. This means you can use Cubit as a service, at a low upfront cost, and choose to pay by the month or annually; as opposed to purchasing the software outright.

This new subscription service acts as an operating expense, so you can claim the cost of your subscription, making it ideal to start using Cubit as your estimating solution.

If you’re looking to purchase Cubit outright, then you’re also in luck. Some computer software like Cubit is considered an eligible asset under the small business tax write-off, when purchased outright as an asset. This means you can purchase Cubit now and claim it as an instant asset write-off this financial year.

June - the perfect time to purchase your estimating software.

Both of these tax benefits are attractive incentives, however there’s another great reason to implement Cubit as your estimating solution - Buildsoft’s End of Financial Year Sale.

During June, you can choose from two offers:

Subscribe to Cubit with special introductory offers that translate into massive savings
Save 15% when you purchase Cubit licences and classroom training

There’s never been a better time to start estimating smarter and faster, with a specialised system designed to make your work easier. Whether you’re subscribing or buying, Cubit can help you take your estimating to the next level.

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 training, now is the time to consider making Cubit your software of choice.

The sale is on for a limited time only, so be sure to check out the deals before it’s too late.

Find out more at https://www.buildsoft.com.au/buildsoft-eofy-2019

Conditions apply on all EOFY offers.

General Advice Disclaimer
The information provided in this blog article does not constitute financial or other professional advice and is general in nature. It does not take into account your specific circumstances. Before acting on any information you’ve read, you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. We strongly recommend seeking independent financial advice for your accounting and taxation purposes.

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