Big news for small business owners! The government recently announced that not only will they be extending the instant asset write-off for small businesses, but also increasing it by a further $5,000, bringing the total to $30,000.
With over 2 million small businesses set up around Australia, the tax cut is a positive sign that the government is taking bigger steps to provide a solid foundation for SMEs to further grow in their respective industries.
The reforms have come into effect on April 2nd, so if you’re a small business owner, you should definitely take advantage of the write-off before it expires in 2020.
In his budget speech, Treasurer Josh Frydenberg told the Federal Parliament that small businesses are the “engine room of the economy”, and now with increased backing from the government, more of them will be able to benefit from the cut-offs.
They’ve also amended the eligibility criteria for the write-off and expanded it to cover all small businesses with annual revenue of less than $50 million, as a result, an additional 22,000 businesses will be able to claim financial support under the program!
Netstripes has been at the forefront of championing SMEs over the past 5 years, offering business owners the opportunity to learn digital marketing solutions to help increase digital engagement through a series of webinars, bootcamps and online services.
With the proposed tax cut, now more small business owners can take advantage of digital innovations and write it off as a business investment in the tax return for the year ahead.
By increasing digital readiness by at least 30%, we can hopefully expect to see a massive economic growth within the next few years, and the establishment of nearly 7000 news jobs in the process.
Our web solutions are eligible for the $30,000 Instant Asset Write-off! With the end of the financial year looming upon us, don’t miss this opportunity to get a professional and modern website for your business, so you can win more customers before the EOFY.
Feel free to talk to one of our digital strategists today. We are more than happy to help!
Contact us now.