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Good News For Small Businesses

The federal government’s $20,000 instant asset tax write-off scheme has been extended for the 2017/2018 financial year. As a small business owner myself, I know how it is hard, especially as a startup business where more money initially goes out rather than comes in. It is nice to know that someone out there is looking out for us.

“Small business can be assured that they’ll continue to have our support,” Scott Morrison – the Treasurer said.

In regards to whether you can claim your website as an expense, some parts are considered as capital expenditure (computer equipment, hosting, online shopping carts and programs that are regarded as giving you ongoing benefits), which could be considered for the scheme. Of course it is best to discuss your options with your accountant and to clarify what could be claimed before you start spending.

Even if you aren’t eligible, I always like to think of a website as an asset rather than an expense anyway!