Budget 2020 – Canberra has just delivered an unprecedented opportunity to invest in digital technology in order to help drive revenue and growth, at exactly the right time when having an exceptional digital business can make the biggest difference to the livelihoods and the wider economy.
The ATO’s new instant asset write-off rules outlined on Tuesday allow businesses with under $500m aggregated turnover to instantly write-off business purchases under $150k. This applies from 12 March 2020 until 31 December 2020, for new assets first used and ready for use in this timeframe.
It’s a much-needed lifeline for entrepreneurs, business owners and Founders-to-be as it enables further smart investment in game-changing business revenue or efficiencies.
Businesses of all sizes will now find taking the leap to invest for future growth that much easier. Witness the digital transformation that has powered the fall of traditional in-store retail and created billion-dollar success stories such as Airwallex, Atlassian, Kogan, Catch and The Iconic.
Savvy business owners will see this as a perfect time to invest in eCommerce, website launches & upgrades and the perfect time to launch their App. Farmers will buy new combine harvesters, tradies will upgrade their Ute (watch out for more overbearing Ford Rangers and F150’s in your rearview mirror!) and Entrepreneurs will feel the ease from burdensome business costs.
With the government supporting this investment drive (to the extent of allowing a business to book the $150k spend as a loss against profits, thus allowing them to show “negative profit” if that’s the case) for businesses small and large, there’s never been a more capital-effective time to engage with a firm like App Boxer to advise, plan and build your digital venture.