End of Financial Year is fast approaching and it certainly feels a little different this year given the current situation.
If your business hasn’t been severely impacted by COVID-19, have you given consideration to whether some of the Government Incentives designed to help you reduce your tax bill and preserve working capital may be right for you?
The Increased Instant Asset Write-off and Accelerated Depreciation Schemes have both been introduced since 12 March 2020 to give businesses who wish to purchase a new and/or used asset the opportunity to write-off a higher portion of the depreciation of the asset in the Current Financial Year; therefore reducing the tax liability for your business.
This can be helpful if you are forecasting that you will owe money to the ATO at the End of the Financial Year.
For full details of how the schemes work download our COVID-19 Government Business Investment Initiatives for SME’s Flyer or if you’d like to have a chat about either of the Schemes your welcome to give me a call on 0431 177 605.
I’d also recommend touching base with your Accountant to confirm your eligibility for either of the schemes.
COVID-19 has had a major impact on our economy with some businesses struggling to cope. If you are concerned about the impacts of the current situation on your business and/or its impacts to your businesses current/future lending or are considering applying for a loan in the future I’d be happy to have a phone chat with you to help you get your head around things – no cost, no obligation.
Simply follow this link to my calendar to find a time that works for you. We’re all in this together and I’d be happy to help.
Alternatively you can also contact me by texting or calling 0431 177 605 or via our Contact Us page.