Tradie Tax Time 2020 – Now is the time to stock up

As the end of financial year is fast approaching, now is the perfect time to stock up and invest in high quality Sutton Tools. Whether you are a business owner or an employee it is important to know what this means for you.

Due to the current uncertain times; the Morrison Government announced a $17.6 billion Economic Stimulus Package to support businesses and the Australian economy through these challenging months from the bushfires to Covid-19 affecting the world.

What does this all mean?

  • Instant asset write offs have increased from $30,000 to $150,000 and will now include businesses with an aggregated annual turnover of less than $500 million, up from $50 million until 30 June 2020.
  • For small business owners, under the instant asset write-off you can immediately write off assets purchased for your business that cost less than the threshold amount (assets such as drill bits, holesaws, cutting tool accessories, hand tools to name a few).
  • You can claim a deduction for each asset first used or installed ready for use, less than the following thresholds:

    $150,000 – from 12 March 2020 until 30 June 2020
    $30,000 – from 7.30pm (AEDT) on 2 April 2019 until 11 March 2020
    $25,000 – from 29 January 2019 to 7.30pm (AEDT) on 2 April 2019
    $20,000 – before 29 January 2019..

At Sutton Tools we want our customers to have the best quality for the least effort. That’s why all our cutting accessories are designed to fit every power tool brand. We manufacture many of our tools in Australia, to the highest international standards – to provide you with tools that are the best in quality and convenience.

For futher information about what you can claim on your tax return:  https://www.ato.gov.au/General/Tradies—be-certain-about-what-you-can-claim/

 

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