Is your business looking to upgrade its computing software and hardware needs or acquire new technologies to promote co-working and collaboration for remote working arrangements? Now could be the perfect time. Until June 30, 2020, the Instant Asset Write Off 2020 scheme that allows small businesses to instantly write off their capital purchasing requirements has temporarily been increased to promote expenditure and investment into the Australian economy during the ongoing COVID-19 pandemic. By investing in new technology for your business before the deadline, eligible assets can be written off within this financial year which could significantly reduce a business’ end of year tax liabilities. So, how does the small business asset write off 2020 work and how can Connected Platforms assist you with all of your technology needs?
Instant Asset Write Off 2020
The small business asset write-off was a government scheme originally introduced in the 2015/2016 Federal budget that allowed small businesses to instantly write off eligible assets in a single tax year rather than depreciating them over several years. Businesses were originally allowed to write off purchases up to the value of $20,000 per eligible asset which was scheduled to revert to $1,000 on July 1, 2020. This threshold has, however, been temporarily increased to promote expenditure and business growth during the COVID-19 pandemic in Australia. For an asset to be eligible for the scheme it must be installed and ready for use by June 30, 2020, the cost of each asset must be less than the threshold, and the turnover of your business must be less than the current aggregate turnover threshold.
Temporary Changes to the Small Business Asset Write Off 2020
- Wider eligibility of businesses – Businesses with an aggregated turnover of less than $10 million has increased to businesses with a turnover of less than $50 million.
- Increased asset threshold amount – Maximum write off amount per asset has increased from $20,000 to $150,000.
How Can Connected Platforms Help Your Business
At Connected Platforms we are a full-service managed IT solutions company. We provide managed IT services and small business IT support to a wide range of businesses and organisations across a variety of different industries in the greater Brisbane region including Legal, Investment, Product Development, Marketing, Technology and NPOs. Our range of services includes IT procurement, remote support, disaster recovery, cloud business solutions, business phone systems, and more.
IT Procurement Solutions for Your Business
Need an upgrade to your IT infrastructure or remote working technology solutions to meet the growing needs of your business? Our in-house team of knowledgeable IT procurement experts have a broad range of experience working with technology vendors to supply everything your business needs in terms of hardware and software, as well as being able to take charge of any licensing requirements on your behalf. Our procurement specialists will work with your technical account manager to determine what IT equipment and software licenses your business requires to run efficiently.
Our team can assist with a range of technology requirements including:
- New Laptop or Desktop PCs
- Network Solutions including Routers, Servers and Storage Solutions
- Printing Solutions
- Cloud-Based Computing
- Business Phone Systems
- Video and Teleconferencing Software and Hardware
- Software Licensing Requirements
- And more
Let us worry about sourcing the best software and hardware for your business so you don’t have.
Get in touch with us today for an IT procurement solution tailored to your business needs and take advantage of the temporary increase in the small business asset write off before June 30, 2020, to write off your technology purchases this financial year or to find out more about other IT solutions we can help you with.