Harvey Norman is engaged in ad ad blitz right now pitching to businesses for instant asset write off business prior to June 30. They are spending big to entice businesses to spend big with them.
Click here to access the instant asset write off information on the Tax Office website. We think it is important that businesses act on up to date advice from the government authority overseeing the tax write off program.
This year, some shelter changes were made to the instant asset write off program:
From 12 March 2020 until 31 December 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
Here at Tower Systems, our interest is small business retailers and, in particular, helping them with our POS software written for a range of niche specialty retailers. This is POS software made in Australia for their types of businesses.
Installing our POS software and related infrastructure is an eligible purchase for any business, it meets the criteria for the instant asset write-off program. Our POS software could be financially beneficial and operationally beneficial to a business this financial year. Our focus, through good use of the POS software, is to help small business retailers run more efficient and valuable businesses.
- Computer hardware purchases.
- Tablet, iPad and similar purchases.
- Network infrastructure purchases.
- Printer, scanner, scale and other purchases.
- Software support.
All of these and other expenses can be investments that help any retail business and they could be useful when the and retail business is planning to tap into the instant asset write-off opportunity.
The Tax Office and accounting professionals are the ones best positioned to guide any purchase, to help any business ensure they purchase to maximise their spending and deduction opportunity.
Our job here at Tower Systems is to help small business retailers leverage our POS software for the best possible use in a business, for management certainty and through this to drive the best value possible for a business. Oh, and to help those in the business enjoy the business.
Any retail business keen to explore instant asset write-off opportunities can speak with us here at Tower Systems and we will help as much as we are able. We also appreciate specking with accountants, to ensure that any transactions meet they requirements they identify for their clients.