How to take advantage of the new tax breaks for small businesses
Posted: Jun 13 2015
There has never been a better time to stock up on supplies for your business. Here’s why;
The recent introduction of the small business tax deduction* allows businesses with a turnover of less then $2 million to fully claim items valued under $20,000. There is no cap on how many items you can claim, the only catch is that your business must turn over less that $2 million to be eligible.
So, self-employed Make-up Artists and Hair Stylists with an ABN, this is for you!
Non-consumable purchases like make-up, SFX, skincare and haircare are a complete tax deduction, but now you can claim more than ever, as well as for larger, more expensive items like Airbrushing Machines, illuminated Make-up Mirrors and travel cases.
Here’s how it works; if you know how much you’ll be paying for tax year 2014-2015, $1000.00 for instance, you can reduce this bill by popping into your favourite make-up store (that’s us J) and purchasing the Scotty’s Ready To Go Case for $190.00 (RRP). The cost of this non- consumable item can be deducted from your overall tax bill, so you only need to pay the Tax Man $810.00. Too easy!
To make the deal sweeter, Scotty’s Make-up & Beauty have launched an End of Financial Year Sale (EOFYS). The sale brings a discount of 15% to all brands and products sold in store and online, ending 30th June 2015.
So, that Scotty’s Ready To Go Case that we mentioned earlier, now it’s only $161.50, and you can take that off your Tax Bill too, thank you very much!
Visit our Makeup Store Broadway, Sydney, or Makeup Store Fitzroy, Melbourne to shop the sale, or enter code EOFYS at the checkout when shopping online at scottysmakeup.com.au. There really has never been a better time to stock up on make-up supplies!
To find out more about small business tax deductions, head to the ATO or ask your Accountant. In the meantime, start choosing which $462.00 Maq Pro 36pc palette you’d like (now only $392.70 in the sale and a complete tax deduction!).
*Federal Budget 2015. Ensure you speak to your Accountant first.