Final year for $20,000 small business tax break

Small businesses have less than one year left to take advantage of the $20,000 tax break that was announced at last year’s Federal budget review.

The scheme allows businesses with an annual turnover of less than $2million to claim immediate tax deductions for as many purchases under $20,000 that they make within this time.

Included in the initiative is the purchase of software for business use, office and warehouse equipment and anything relevant to your business.

The initiative ends June 30, 2017 and businesses must have a registered ABN to be eligible.