Federal Budget – What this means for you …………
Small business / farmers (turnover of less than $2 M annually) can make Capital purchases less than $20 000 and write off this financial year as a tax deduction. Purchases must be less than $20 000. Multiple purchases can be made, but must be less than $20 000. However a company vehicle for $40 000 does not qualify you for eligibility. So whether you’re looking for Cattle yards or crushes, rainwater tanks, poly pipe, troughs, fencing materials or even Padman Stops for irrigation works, please come in and talk to us and take advantage of these tax deductions.
Deductions for any spending on fencing and water infrastructure promised from July 2016 can now be made immediately. In a joint statement released on Wednesday 27th May, Mr Hockey and Mr Joyce announced that those changes would now be brought forward and made available immediately.
If you would like to enquire making capital purchases for your farm or business come in and talk to our friendly NFW staff at one of our six branch locations.
Now is the best time to make improvements with these huge tax savings
Disclaimer: Individual circumstances may vary. Please consult your accountant to discuss your individual financial eligibility.