OK, I know we’re not qualified to give tax advice, we are, after all, business coaches and not accountants. But, we’ve been told by people who ought to know, that small businesses can spend money on capital equipment ($6000 or so) and write the whole amount off this year.
This sounds to me like something not very interesting (which is why it took me until a few days before it’s too late to pass it on) but it seems it might actually be worth considering.
Normally, when you buy something the accountants call capital (equipment and cars and suchlike) you have to depreciate them over a number of years. if you buy something this week, you can write the whole thing off against your tax for this financial year when you do your tax return.
I was going to try to explain it properly just then but as I did, I felt like crying tears of boredom and horror so I stopped. I guess that’s why I’m not an accountant.
Summary:
If you buy something now it will be a bit cheaper than if you buy it later. My friend Ian who sells Lexmark Printers told me this and he’s doing a special end of month pricing deal. I won’t attach his catalogue because he asked me not to but if you want it, let me know and I’ll email it to you (he said that was alright)
Jon Dale
Small Fish Business Coaching
www.smallfish.com.au