With the end of the financial year drawing close, this is your final chance to secure those business assets you need with the ability to offset it into the 2019 financial year. Remember guys, the max cap for business asset purchases is now set at $30,000. This means that if you buy a business asset into your business worth up to $30,000, you can claim an immediate claim on the entire amount without having to depreciate it over the course of several years.
It’s important now to do some last-minute tax planning with your accountant to see what can be done in regard to reducing your overall tax position. It may, however, be a case where you would need to increase your overall income levels for this year in order to obtain finance, so some planning and strategies needs to be set into place early. Everyone’s position is different, so we urge you to speak to your accountant. It only takes one phone call to get into contact on what needs to be done or avoided.
See Steven Wong Accountants for any of your tax needs.
If you’re not running a business, you can still buy assets for work-purposes and make a claim into the 2019 financial year. This means it can either help decrease the payable you might get or increase the refund you were expecting from your tax return. Speak to your accountant in order to see what assets or expenses are best to be purchased now or held off in order to best maximise your tax return.
I cannot stress enough the importance of keeping your records up-to-date and organised in order to help get the most out of your tax return. Documentation that you may think isn’t claimable may well and truly be so. Throw it at your accountant and see what they say!
For many of you, the end of the financial year means an expected refund. For others it may be reducing your tax payable as much as possible. In all areas and aspects of individuals and business returns, we cater for. Expect the best at Steven Wong Accountants, contact us on our details below.
Steven Wong Accountants
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