Tax Breaks Extended for Test & Tag Small Businesses

May 2017

Last night Scott Morrison handed down the 2017 budget with some direct implications for the test and tag industry, as well as test and tag business owners.

You’ll remember that the government previously introduced instant tax reductions for any business equipment under $20,000.

This $20,000 instant asset tax write-off scheme is now being extended until June 30, 2018. This is of course fantastic news for any test and tag business owners that require extra equipment.  

Essentially, if you’re looking to upgrade your portable appliance tester, or you simply require a new one – you’ll be able to instantly claim tax reductions on your purchase. Likewise, any additional test and tag consumables and certain accessories can also be covered as long as it's considered an asset to run your business.

Another minor change has come in the form of the government promising to reduce red tape for small businesses. Although it should reduce your expenditure in the long-term, at the moment it's unclear at how this will be achieved.

We highly suggest that you seek appropriate advice from your accountant before you proceed with anything. But overall, although the 2017 budget has helped test and tag small businesses again, it hasn’t been as useful when compared to previous years.