It’s that time of year when everyone’s least favourite word is at the forefront of our minds. TAX.
30th June is only four weeks away and everyone is scrambling to get their yearly purchases finalised and taking stock of their books.
Some farmers and small businesses this year with incomes of less than 10 million will be applying the $20,000 instant asset write-off to items they’ve purchased this financial year. We wanted to let you know that you may be eligible to apply this write-off if you meet the criteria that the Australian Tax Office specify.
You can read more about the asset write-off at these links:
We also recommend you speak with your tax agent or financial advisor to get more details on how you can apply. The $20,000 instant asset write-off was extended last year to include items purchased up to 30 June 2018, so don’t miss out on claiming what you can before it ends!
Please note; some K-Line Ag products will meet the criteria so please don’t hesitate to call our team and get a free quote on a product you need to improve your farming practices. Our team are product experts, not tax experts, so remember to contact your tax agent for tax advice!