The federal budget provided that small business or sole trader with an ABN with a turnover of under $2 million a year can claim up to $20 000 a year. I have an ABN for a business that was a sole trader. I'm still the same sole trader, but have moved onto property and shares. One report advises:
"The new accelerated depreciation rules run from last night until the end of June 2017.
WHAT CAN I BUY?
"Anything used for running your business: computers, printers, office furniture, coffee machines, kitchen equipment, cars, tools. You can use the tax write-off on as many individual items as you want.
WHAT CAN?T I BUY?
"Stock for your business, office software and plants will be excluded, as will marketing costs."
If the turnover is under $2 million a year, can the above apply to people investing in property? Also, how does the term "sole trader" apply to property investors? TIA.
Claiming up to $20 000 immediate deduction
"The new accelerated depreciation rules run from last night until the end of June 2017.
WHAT CAN I BUY?
"Anything used for running your business: computers, printers, office furniture, coffee machines, kitchen equipment, cars, tools. You can use the tax write-off on as many individual items as you want.
WHAT CAN?T I BUY?
"Stock for your business, office software and plants will be excluded, as will marketing costs."
If the turnover is under $2 million a year, can the above apply to people investing in property? Also, how does the term "sole trader" apply to property investors? TIA.
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