Remember the $20 000 tax break there was this year for assets bought until 2017 June?
I have the option next year or the year after of using that tax break.
Question is,what do I buy?
Car would be nice but then if u want a nice car,u have to spend $30 k or so.
I could buy some computers and machinery/equipment
Any ideas on what to do?
What to Do with Business Tax Break of $20000?
grabngo on 21/10/2015 - 14:53
Comments
Thanks champ
Yeah, basically you write the depreciation off in one hit as opposed to staggering it over 5 or whatever …
Yeah so as what everyone else said, use that cashflow to invest back into other tangible assets for the biz :)
It's for small business only. It's an immediate deduction (rather than depreciation). It is not really a tax break. It's designed to improve the cashflow for small business so they can buy equipments up-front and get the cost deducted at the tax time.