On Tuesday evening this week the TV revealed a smiling Treasurer with good news for all primary producers. By Wednesday morning the well-rehearsed Canberra mantra chanted across all front pages and channels was… “get out there and ‘ave a go”. Treasurer Joe’s 2015 Budget spelled good news for all small businesses and that means the majority of Riverland Wine growers and some winemakers.
The Sydney Morning Herald has provided a very simple explanation of how you can claim your share of the budget benefit and here it is, short and sweet:
‘If you are registered business, i.e. you have an ABN, and it turned over less than $2 million you can claim. Businesses can buy any machinery or equipment related to their business if each item is valued at less than $20,000. You can claim the full amount from your income to reduce your tax bill. There is no limit on the number of items a business can claim. A long list of machinery and general appliances will be 100 per cent tax deductible. You’ll have two years to take up the offer from last Tuesday.’
For more detail, talk to your accountant or read more now…