2. Did you know a website is a depreciable asset?
Depreciating assets are often thought to be physical assets, however this is not always the case. Building a new website or developing an existing one is also considered a depreciating asset.
In 2015 the Australian Taxation Office introduced the instant asset write-off for assets purchased under $20,000.
This meant that businesses with a turnover less than $10 million could choose to apply the small business concessions rules and write off qualifying business assets that cost $20,000 or less (excluding GST). This incentive is said to expire 30 June 2018.
While many people have been trapped into thinking the Australian Government is going to give them a free $20,000, this is not the case.
Should you need help in assessing whether your business is eligible to use the small business concessions and the associated tax benefit you may receive, feel free to contact the BHR Papalia office in Bunbury on 9791 5877.