Budget blessings: Take advantage of tax breaks today!
SYDNEY, Australia - May 19, 2015
The budget is here and it's all good news for small businesses in the print industry! It includes tax deductions on printing equipment less than $20,000, reductions in company tax rates and sweeteners to help if you are starting a new printing business. Here's our wrap of the 2015 budget and what it means for you.
Last week the Federal Government delivered the most ‘small business friendly’ budget on record. The measures are designed to give small business owners and budding entrepreneurs (you know who you are!) the confidence to invest, buy, grow and create more.
Not many people know this, but 96% of Australian businesses are small businesses and more than two million Australian small businesses (with a turnover of less than $2million p/a) are eligible for the budget benefits, but what are some of the main benefits?
Tax deductions on purchases of $20,000 or less
Available immediately is an instant tax deduction for asset purchases of $20,000 or less. This can include anything from printers, heat presses, consumables or even a new coffee machine to keep you printing longer!
Best of all, the tax break isn’t one off, so you can use it on ALL purchases, up until 30 June, 2017! And if you purchase before the end of this financial year, you can take advantage of the tax break and claim it in this years’ tax return and financials.
Tax cuts a plenty!
From 1 July this year, the company tax rate for small businesses will fall from 30% to 28.5%, which is estimated to benefit over 80,000 businessses. An unexpected tax cut of 70% was also gifted to small businesses who operate through a unincorporated structure (sole traders, partnerships, etc.)
If you’re looking to start a new business, you can also get immediate assistance with the costs associated with starting a new venture, including legal and accounting fees and other startup costs.
In summary – this budget is all about BIG benefits for small business and there has never been better incentives to invest and grow.
So if you are looking to take advantage of these new deductions, or would simply like to chat about how we can help you achieve your printing goals, give us a call. And remember that we have a variety of finance options available to approved customers.
*Remember to chat with your accountant regarding your specific circumstances.*
GJS is Australia’s premier provider of solutions and services for the textile, promotional products, custom photo gift, sign and display industries. With over 40 years’ experience, GJS supplies everything needed to start and operate a successful printing business including equipment, consumables, training and support. Headquartered in Revesby, NSW, and with additional teams located in Victoria and Queensland, GJS serves customers throughout Australia, New Zealand, and the Pacific Islands. For more information visit: gjs.co. GJS and the GJS logo are trademarks or registered trademarks of GJS. Other names are trademarks of their respective owners.