The Senate has already passed the bill that allows a small business to fully deduct assets costing less than $30,000 (excluding GST).
However it only applies to assets bought after Budget night (2nd April).
From 1st July 2018, the ex GST limit was $20,000. In case you missed it, the limit was increased to $25,000 for any assets bought on or after 29th January 2019 (and which applies to assets bought before 2nd April 2019.
The $30,000 is generous. It brings a number of quality new cars and second hand cars into the fold.
And even though the expenditure will match the cash flow, please understand that the tax saved is only a percentage of the outgoing cash.
Want to know how your cash flow will be impacted? Ask us. We can show our or cloud accounting clients what the real impact will be on their cash flow.
At MRS, we will spend today planning for your success.