CFMOTO TAX TIME PROMOTIONS

18/05/2015

TAKE YOUR PICK – CFMOTO TAX TIME PROMOTIONS

With the federal government’s budget announcement this week of an immediate 100% tax deduction for assets under 20 thousand dollars, now’s the time to upgrade your old work vehicle and get into a brand new CFMoto off-road vehicle with these great tax time promotions.

All promotions are available to 30 June 2015.

WHO IS ELIGIBLE?

Small businesses. You are a small business if you are an individual, partnership, company or trust that does both of the following:

  • - Operates a business for all or part of the income year
  • - Has less than $2 million aggregated turnover.

The $20,000 tax break applies to businesses that can demonstrate ongoing activity via quarterly Business Activity Statements, Small Business Minister Bruce Billson has stated. The business must be actively trading to be eligible for the break.

HOW DOES IT WORK?

Small Businesses can claim immediate tax deductions for as many sub-$20,000 purchases as they make between 7:30pm on budget night and June 30, 2017, rather than having to claim those purchases as deductions spread over several years.

This is a huge increase from the current instant asset write-off threshold of $1,000.

The Federal Government has allocated $1.75 billion to fund the scheme, which will run for the next two years.

Assets valued at $20,000 or more that cannot be immediately deducted will be included in the entity’s small business pool and depreciated at 15% in the first income year and 30% each year thereafter.

CONSIDER THESE:

Promo 1 – Why wait for your U8

Promo 2 – Protect what you love

Promo 3 – Ag Pack

Before acting, customers should always seek their own professional advice from a qualified chartered accountant to ensure they are making the correct decision based on their own personal circumstances.