Could your shop benefit at tax time for your store refurbishment?
Hello everyone, it’s almost the middle of the year and tax time is just around the corner.
Stimulus packages such as Cash Flow Boost and JobKeeper provided a lifeline for Australian businesses throughout 2020. But did you know there is another package your shop could benefit from?
It’s called Temporary Full Expensing and there is only one year left to make the most of it. We’ve often found our customers surprised that shop displays qualify for this incentive, but the treasurer Josh Frydenberg clarified that last year.
So what is Temporary Full Expensing?
Temporary Full Expensing allows you to fast track the depreciation of your shop assets, effectively reducing your tax bill.
If you’ve got profit available from your trading this financial year, now is the time to reinvest in the future of your business. You can deduct the cost of new qualified depreciating assets regardless of the price!
So, if you had plans to refurbish your store but money held you up, there is no better time than now to consider your options.
There is some fine print to this package, but unless you’re an Amazon in disguise (with more than five billion dollars in turnover), the timeframe is probably all you need to consider.
Whilst the package extends to June 2022 you’ll need to act fast to save money on your 2021 tax bill.
The choice is yours. You can decide to give it a miss or take action. Contact us today if you’d like to take advantage of this unique opportunity to revitalise your store for the future. Apex Display has been in the retail industry for over forty years, so reach out to us for expert advice.
Until next time keep well and stay tuned for our end of financial year sale coming up soon.
Apex Display does not provide financial advice. Always consult your financial advisor before making financial decisions.