Tax isn’t an exciting topic for a lot of us. But as some small businesses would know, there are lots of opportunities out there to save money and invest in your business’ future at the same time.
One of the simplest ways you can save on your bottom dollar is by investing in machinery.
Machinery can be one of the most costly affairs of setting up a gelateria, ice cream shop or dessert business. It’s a critical piece of investment that can help your business drive profits by showcasing your gelato range, or even producing gelato (check out the incredible ShowLab - an integrated gelato production and display system in one!).
A new so-called Temporary full expensing initiative from the government means you can claim more money when you invest in equipment (plus, they’ve removed the cap of $150,000 per item). This is exciting for small and medium businesses as you can immediately deduct the cost of eligible assets, rather than over their lifetime.
Now is the time to be thinking about what you can invest in this financial year.
Planning in advance means that you can make sure you’re making the right decisions and taking advantage of the tax deductions you can claim. Before you know it, the next financial year will roll around!
For more information on business tax deductions, make sure you check out the Australian Tax Office. Some of the articles that we find helpful are Business Tax Deductions or here is what the ATO has to say about the new Temporary full expensing.
Tax after all, can be a rewarding topic, and with the government investing in helping businesses get back on track from the impacts of COVID-19, make sure you check what your options are!
Check with your accountant for any clarifications on what you can claim at tax time.