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By now you have probably heard about the federal governments small business accelerated depreciation inclusion in the federal budget.
All small businesses will get an immediate tax deduction for items costing less than $20,000 . To be eligible for this initiative, the business must have turnover of less than $2 million a year and this is based on “aggregated” turnover. Meaning all businesses you own, combined turnover.
You may not be aware, but this includes when you finance an item such as a car, truck, trailer, printer, phone system, to name but a few!
However, the finance product must involve ownership of the item being in your name.
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