What is it the small business instant asset write off?
These new tax rules are being seen as a big win in the small business sector because previously the asset write off was capped at $1,000. So for example if you purchased a ViViPOS machine starting at $3499 before the budget you would have to spread the tax deduction over a number of years. Now you can claim the full amount in one hit.
Is your hospitality business eligible?
What assets can be purchased?
What can't I purchase?
- Horticultural plants and software developed in-house cannot be claimed (software purchased for the business like the ViViMobile App can be claimed though)
- Assets must be physical items
- To claim the deduction the asset must be purchased outright. Any assets acquired through hire-purchase or leasing are not deductible.
- If you purchase an asset that is worth more than $20,000 then it is not eligible for the tax deduction straight away. Instead it will be depreciated over a number of years, 15% in the first year and 30% for every year thereafter.
Is it time to upgrade you POS system?
The ViViPOS system is designed especially for those small business running a cafe, restaurant or retail outlet. It has a range of customisable features, over 20 different kind of reports to ensure your business is tracking how you want it to be as well as an intuitive interface and systems that will make you a more efficient business operator.
We are happy to provide an onsite visit to assess your needs or you can get in contact via our website and we will be in touch.