Now is the best time to organise your 2019 Instant Asset Incentive and ensure your small business is benefiting from the latest changes to the Federal Government’s instant asset write-off scheme.
The incentive allows small businesses to claim instant deductions up to a set amount, on new or used equipment, such as hardware, vehicles, office fit outs or tools of the trade. For the claim to be eligible, the assets must be used or installed for use during the income year that you are planning to lodge the claim.
The current threshold for the scheme is set at $20,000. However, a pre-election budget announcement, made by Treasurer Josh Frydenberg in April 2019, will see a boost to the instant asset write-off scheme for small businesses. With this announcement, the proposed write-off amount was increased to $30,000. An interim increase of $25,000 had already been announced in January, so the latest increase is even better news for small business.
Businesses will be able to begin claiming these figures on their assets once the proposals have been officially legislated. Once this has happened, they are able to claim assets that were used and or installed for use between January 29, 2019, and budget night, to the value of $25,000. From budget night onwards until June 30, 2020, businesses will be able to claim assets up to $30,000.
Currently, the scheme only applies to small businesses classified as having an annual turnover of less than $10 million. The 2019 budget proposes that this eligibility will increase to businesses with annual revenue of less than $50 million. If passed, an estimated 22,000 businesses would become eligible for the scheme.
Four ways Info-Organiser can help now
There are four key actions you can take for your small business before the end of the financial year to benefit from IT asset purchases.
- GIVE YOUR OFFICE A SERVER OR COMPUTER MAKEOVER
Think about upgrading your Server or your office computers before (June 30, 2019. Let us scope your needs now and keep an eye on EOFY supplier sales for even better savings. Most offices use a two screen setup for scanning and filing, and new slimline screen options make this an attractive practical reality for your staff.
- UPGRADE TO MODERN DESKTOP SCANNERS
If your current desktop scanners are four years or older then it’s a good time to purchase a new model. We recommend the Avision AD280. RRR is $1,699 including GST and freight shipping is free to Australian capital cities.
- SAVE TIME WITH A HIGH-SPEED SCANNER
For an office that has a heavy paper load, now is the time to invest in a high-speed scanner. The Fujistu fi6400 is a premium reliable workhorse option (and the one we use in our scan bureau). If you think your office could benefit from the increased speed and functions of a robust A3/A4 scanner, contact us for a quote.
- INVEST IN FORMS PROCESSING SOFTWARE
If you’ve been thinking of automating your workflow and repetitive forms filing, then now is the perfect time to commit the resources. By writing-off any associated hardware purchases it will assist to fund the cost of purchasing and configuring of the Forms Processing Software to work with Info-Organiser.
With all four options, you’ll see a fast return of investment and rapidly increase office productivity too. For more information regarding the benefits of Smart Invoice or Smart Forms Processing, check out the Info-Organiser website https://www.info-organiser.com.au/about/#forms and organise a free demo.