Still, can’t figure out what to do with your $20,000 tax break?

There’s just so many things you can do with $20,000!

SAVE MONEY, WHY NOT SAVE LIVES!

small-business-tax-savings

Ever since the instant asset write-off was introduced in 2015, many small businesses have taken advantage of the new scheme. Businesses have claimed the immediate tax deductions for expenses on new cars, equipment, supplies and other purchases.

 

This tax break has been very helpful to many small business owners who wanted to invest more on their business but do not have enough funds. The program has been running for almost 2 years now and will end on June 30, 2017. This is the last chance to take advantage of the $20,000 tax break so businesses are racking their mind on how to use it.

 

Fire Protection For Your Business

One of the best ways to spend your $20,000 is by installing a fire protection system for your business. With this, you can protect your business by preventing fire from breaking out and making sure that your business operations run smooth and uninterrupted.

Investing your $20,000 tax break on fire protection system is one of the most practical uses of your tax incentive. Not only will it protect your property and assets, having a fire protection system installed also saves lives.

Here are some things to remember when purchasing a fire protection system.

  1. Choose a reliable and certified fire protection company. You can ask around for the best fire protection provider in your area or consult with other companies who have fire services installed before. Asking others for recommendation will also give you an idea of the quality of work of these fire service providers. Remember, nothing is more effective than word of mouth.                                     
  2. Ask for a quote. $20,000 might seem a lot but you’ll be surprised how fast money comes and goes. If you’ve claimed previous purchases before or want to install the latest fire protection system, don’t forget to ask for a quote. It is possible to go over the budget if you’re not tracking your expenses.
  3. Don’t forget the receipt. Remember, this purchase needs to be claimed as immediate tax deductions so it is very important that you have all the paperwork prepared. This will also help avoid hassles when you are claiming your tax incentive.
  4. Make sure all products and installations adhere to AU standards. Check the latest local and national fire safety standards and ensure that all fire services you availed comply with these regulations.

This tax scheme covers all “assets acquired and installed ready for use between 7.30pm 12 May 2015 and 30 June 2017”. That means you only have weeks to decide on what to do with your tax incentive. This is your opportunity to improve your fire protection without having to spend much. Would you like to learn more about a FREE fire system audit? Contact us here or call us 02 8244 1122.

 

 

 

 

 

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