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This year has certainly been a trying time for Australian businesses. From drought to bushfires to floods, and the global COVID-19 pandemic, we’ve all been dealing with forces beyond our control that have had a massive financial impact on businesses.
This year, perhaps more than ever, it’s important to know what financial opportunities are available around tax-time, and how your business can benefit in the short and long term by investing in your people and processes now.
Since 2011 the Australian Government has offered an instant write-off for eligible assets, which has been especially useful for small businesses across the nation and has been gradually increased over the past few years.
This year, due to COVID-19, more changes have been introduced which offer benefits to a far wider group of eligible Australian businesses.
The instant asset write-off has been increased so eligible businesses can immediately write off each asset that costs up to $150,000 - up from $30,000 last year. On top of that, the eligibility criteria for businesses has also expanded to businesses with turnover of up to $500 million, up from $50 million last year.
This means that more businesses than ever can benefit by purchasing and claiming deductions for assets that can help grow your business and improve the way you work.
You can learn more about the instant asset tax write-off here.
At tax time, there are a range of deductibles you can claim, including capital expenses and depreciating assets, and you should get to know them to make the most of any savings available.
One of these is operating expenses. 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. Just remember to keep records of your expenses.
You can learn more about claiming expenses here.
Estimating plays an essential part in any construction company. Determining accurate material quantities and the amount of labour allows you to anticipate your costs to ensure profitability and avoid the risk of potential losses. Estimating software like Cubit helps you improve the speed and accuracy of your work so you can start producing your most successful estimates, making it an ideal solution to improve the way you work and grow your business.
Some computer software, like Cubit, is considered an eligible deductible asset. This means you can claim your purchase of a Cubit licence as a capital expense, or a subscription to Cubit as an operating expense. No matter which way you prefer to use the software, these tax benefits mean you can purchase Cubit now and claim it as a write-off this financial year.
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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