Don't Put off purchasing that CCTV Security & Alarm System - Asset Write-off boosted to $30,000!
Written on the 12 April 2019 by Kerri Vandenberg
Have you been putting off investing in a CCTV Security & Alarm System due to the cost?
Protecting your business from both external and internal security threats is vital. From burglary and vandalism through to employee theft; having a reliable business security system in place is key to ensuring safe business operations.
Small businesses will be able to immediately write off new assets that cost up to $30,000 with the 2019 federal budget announcing a boost to the scheme that will put cash back into the hands of the nation's mum-and-dad employment powerhouses.
Businesses will be able to immediately deduct purchases of eligible assets costing up to $30,000 up from $25,000 that are first used, or installed ready for use up to June 30, 2020.An instant asset write-off allows small businesses (with an annual turnover of less than $10 million) to claim immediate deductions of up to *$25,000 for new plant and equipment asset purchases, . The assets must first be used, or installed for use, in the income year you're claiming for.
Before making any large purchases, we suggest you speak to your accountant or tax professional and assess how the asset will benefit your business and how the purchase may impact on your cash flow or finances in the short term.
If you decide to take advantage of the instant asset write-off, you should make the decision based on the needs of your business. Security is a necessity for every small business, and the benefits of having a professionally installed CCTV Security System can add so much value to your business
Looking to finance your new CCTV Security & Alarm System?
Your business should ensure it has a strong business security plan. The first step in developing a business security plan is to undertake a business security assessment. This helps you identify the possible security threats to your premises and makes it easier for you to adopt measures to prevent them.SGV Electrical & Security can assist with providing you our expert advice on your specific Business Security Plan, which includes a security risk assessment, and implement measures to protect your Business. And if needed we have Finance options now available to make it that much easier to keeping your business safe.
It's ok to use finance to purchase an asset under this incentive, as long as you use the right type of finance. Leasing and Hire Purchase will disqualify you from the deduction as under these structures your business does not actually own the goods the finance company does. So, make sure you use a Chattel Mortgage finance structure, so the goods are actually owned by your business.
A Chattel Mortgage is a cash flow friendly solution for a a small business as repayments can be spread over 12, 24, 36, 48 or 60 months. Thus, reducing the regular payments and much smaller amount to suit cash flow and make such a purchase affordable.
Just remember to talk to your accountant first to make sure you are making the most of the tax break and that it works for your individual circumstances!
Take Action now and contact us to get startged on your Business Security Plan - 1300 944022
Read More: https://www.smartcompany.com.au/business-advice/politics/budget-2019-instant-asset-write-off-boosted/
Author: Kerri Vandenberg