Great news for small businesses: an increase in the instant asset write off threshold.

We’ve got some great news about claiming the cost of your business assets. Small businesses with a turnover under $10 million can take advantage of the instant asset write off. There have been some studies that show that a high percentage of small businesses are not taking advantage of this deduction because they are not familiar. For small businesses that haven’t used this concession previously, here’s what you’ll need to know to maximise this scheme:

What is the instant asset write-off?

A tax break that allows small businesses (including those with an aggregated turnover of $10 million or less—you can consult your tax advisor to confirm) to lower their taxable income from any purchased assets that cost less than $30,000 – in the same income year.

What does this mean for your business?

• The tax break means small business owners can reduce their taxable income – and tax payable – in the same financial year an asset was purchased and installed.
• Assets must be purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020 to qualify.
• Small businesses can currently purchase an eligible asset up to $30,000 (excluding GST) and write it off as a tax deduction in the same financial year of purchase.
• You can claim multiple assets if each one is under $30,000. There is no cap on how many times a business can use this deduction. There is a cap of $30,000 per asset which means that you could potentially purchase any number of assets for your business before June 30th and instantly deduct them all.

What assets can you purchase to claim the cost?

Unsure of what is covered in the $30,000 tax break? You can use it for anything from computer equipment to a coffee machine for the office kitchen to solar panels for the office roof or even a car.

• Plant and equipment
• Vehicles
• New technology/facility or machinery
• tools and electronics such as:
  • machines for POS
  • mobile phones
  • computer monitors
  • laptops
  • printers

Second-hand goods also qualify for the tax break (Equipment, vehicles, tools, electronics). Exclusions from the write-off include horticultural plants, building construction and software allocated to a software development pool. You won’t get $30,000 as a tax refund – the write-off is a deduction of your taxable income.

How to take advantage of the instant write off?

If you are looking to purchase an equipment, electronics, or vehicle for your business, now is a great time to take advantage of this scheme.Your business will still need to fund the purchase for the period until you claim the instant asset write-off, which is only a portion of the purchase price.

The instant asset write-off is particularly useful for businesses intending to bring forward capital expenditure at the end of the financial year.

Thinking about purchasing assets to grow your business? Let’s put your plans into action sooner and get you the funds you need. Assets purchased before 30 June 2020 could be eligible for a $30,000 instant asset write-off. Schedule a call with me today to get access to highly competitive finance options available in the market.  Call 0408 081 082.

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post $30,000 Instant Asset Write-off for Small Businesses appeared first on Soul Finance Group.

Ashley Matkovic, founder of Fusion Biz Babes

We are now in the second installment of our campaign, “The Illuminate Series,” where we highlight one Perth small business every month in the hopes of inspiring our readers to take the plunge and start something they’ve long been wanting to do. (If you want to read our first installment, click here.)

Here at Soul Finance Group, we’re a big believer in entrepreneurship. There are a myriad number of benefits—it gives you more control over your financial future and more social capital than almost anything else in the modern times. We consider it one of the best routes to self-empowerment and social change that we know of, giving women the ability to excel on their own terms instead of being trapped in the limbo of a toxic work environment.

Hence, we now put the spotlight on Ashley Matkovic, founder of Fusion Biz Babes. With a growing community she built from scratch, we’re curious as how she was able pull it off!

“Tell us about your business and what makes you unique amongst others in your industry.”

Fusion Biz Babes is a welcoming community for female business owners in Perth. The main point of difference is that we put genuine relationship building before making sales.  No-one likes a million biz cards being thrown at them right!

I wanted to create a safe, welcoming and FUN space for women in business to meet, connect and share experiences & expertise – because we all know being in business for ourselves is not always easy.

Since launching The Fusion Membership in March 2017, we have now grown to 140+ members, where we meet in-person at regular events, and strengthen those connections in our online Facebook group.

“Why did you decide to start Fusion Biz Babes?”

I am on a mission to make networking fun again!  Surrounding yourself with likeminded people who are motivated, empowering, and supportive is the KEY to success.

So, I started Fusion Biz Babes as a less daunting way to get around the right people.  To eliminate the awkwardness that sometimes comes along with networking, and cut through the small talk to drive real conversations.  I want our members to look forward to getting out there and building their network, rather than it just being another thing on their to-do list.

“How do you learn?”

I am an audio learner.  I go on a run and throw on my fave podcast (loving Entrepreneur On Fire and the Foundr Podcast.) I jump in the car and pop on an audiobook (currently listening to Oversubscribed by Daniel Priestley.)  Even if I’m just doing the dishes or having a shower, I will pop on a Masterclass and listen and learn – multi-tasking at its finest!

Ashley, in her element

“What was your/were your greatest struggle/s in building this empire, so far?”

Definitely would have to be mindset.  I struggled with putting myself out there, worrying what others would think, and having those imposter syndrome thoughts of who am I to be doing this.  I keep on top of my mindset by constantly working on strengthening it – through investing in personal development such as coaches, kinesiology, podcasts, courses, events, seminars, books.

Surrounding myself with the right people who pick me up, give me a pep talk or a butt-kicking when needed helps too!

“What are your motivations to keep going?”

FREEDOM!  On 6^th October 2017 (1 year ago!) I achieved my ultimate dream of becoming my own boss.  After almost 3 years of side-hustling I had finally built Fusion Biz Babes to the point where I could quit my day job and support myself working full time on the business.

To be able to choose HOW I spend my days, WHO I work with, WHAT projects I work on, and WHEN I work has been a huge source of happiness for me, as freedom is one of my top values.

Anytime I am having a tough day, I remind myself I would much rather be facing these challenges, than working for someone else!

“The future ahead of you is dark. You are holding a ‘magic light bulb’ which has the power to illuminate any part in your future. (means you can take a peek of your future ) What part are you seeing?”

Great question!  I’ve never been to a psychic for the exact reason that I don’t want to know!  I’d rather live it and feel it as it happens.

But if I had to answer, I would probably say family… how many kiddies will I have and what will they be like!?!?

Thank you again to Ashley for accepting our invitation to get featured in our series! If you wish to grow your network, you might want to consider reaching out to Ashley and check her business, Fusion Biz Babes.

The post The Illuminate Series: ‘Fusion Biz Babes’ appeared first on Soul Finance Group.

Why you need to support small businesses

I am a small business owner myself so I acknowledge the risk and challenges that comes with running and starting your own thing. Hence, I make it a point where I find ways to support small businesses, especially in my area.

Whether you grew up in a small town or in an urban area, there is a certain feeling that gravitates you towards shopping locally. It could be pride, a sign of respect, or a genuine support for a friend or a relative, knowing the dollar you spent went to, not just a community member, but a business owner who you know needs all the support she/he can get.

Like I said in one of my posts, I believe that most independent businesses are run by people – not by boards, not by shareholders, not by algorithms. You get a different kind of care and quality in their product because their work is a reflection of themselves. Instead of focusing on the next market they’re expanding into or the next round of funding they’re raising, they’re focusing on the details and being the best they can be.

And I think that’s the beauty of it.

When you buy local foods and produce, you are buying from local farmers. You gain access to fruits and vegetables that you know are chemical free and organic, thereby improving your family’s health. Furthermore, you are contributing to the growth of the local economy. When a consumer buys local, significantly more of that money stays in the community. Chain businesses, on the other hand, tend to get their supplies from corporate, as well as having store managers and employees that aren’t as personally invested in buying local.

There is also a unique kind of connection to the owner or staff of a small business when you purchase to them. The transaction is more intimate and the rapport is greatly established. You easily get to know them on a personal level. Consequently, this kind of relationship gives you access to better customer service. Asking for help from large companies tends to be a nightmare. When you shop local, the business owner is usually directly connected to every employee in the store. That leads to a personal approach that often means any problem you have is taken seriously.

Small businesses come and go. It could be because of large chain retailers or any other reason but if you come to think of it, we, as a community member, can actually help them. The next time you need to purchase a product or a service, look for local small businesses in your area. Think of them.

Let’s support local.

Disclaimer:

 Credit Representative Number 486927 is authorised under Australian Credit Licence 389328.

 This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

The post Why Do You Need to Support Small Businesses appeared first on Soul Finance Group.