Here are a few ideas if you’re looking to make full use of the small business tax break:
Office decor and furniture
Businesses that entertain customers and clients in a physical location will benefit a lot from making their place of business pleasing and welcoming. It’s one way of making a good first impression that can leave lasting effects about how they perceive the quality of your services.
A nice-looking office also improves the mood and productivity of your own crew, so go ahead and add a little glitter and glam to your space.
Computers and related equipment
Investing in good computers for your business will always be a worthy investment. It’s totally up to you how high a budget you wish to set, as this is a big discussion altogether, but making sure your crew can perform their work faster and more efficiently is just pure value.
One thing to remember though – the tax break does not cover software developed in-house. It’s a pretty narrow restriction but it’s important to know nonetheless.
That’s right, the tax break covers second-hand goods. While you’d be hard-pressed to find a brand new vehicle within the $20k limit, you can definitely find decent second-hand ones.
Businesses that need vehicles in their operations should heavily consider whether a new car, van, truck, etc., would have a positive return in the immediate future. If so, time to get a (semi) new ride!
Tradies who run their own business know just how expensive good tools are. Consider this a great time to add to or upgrade your toolbox.
Again, this is an investment that allows you to offer better services or else speed them up considerably, so take advantage of being able to buy improvements without feeling guilty about spending.