This is an exciting time for anyone who is looking to purchase a big-ticket item! The Reserve Bank of Australia recently announced its decision to lower the cash rate by 25 basis points to a new record low of 1.75 per cent! Along with this, CBA, WBC and NAB have all advised in the press that they are passing on the full reduction. Coupled with the latest tax breaks, we are all in for some savings!
So, what does this mean for you?
It has truly never been a better time to consider refinancing or taking out a new loan! If your home loan doesn’t start with 3% you need to talk to us today! You won’t want to miss this incredible opportunity — the first movement that the RBA has made in a year! Contact our Mortgage Department today to find out what your options are!
Tax Breaks For Small Business Owners
This is a great time for you too! With only 6 weeks until the end of the 2016 tax year, we asked our outstanding accountant for hot tips on how to maximise the benefit of the Government’s $20,000 (exclusive of GST) tax deduction for small businesses. Here’s what he had to say:
Speak to your accountant today to learn if you’re eligible—you need to be in business with a turnover under $2 million.
- The asset you purchase must be for genuine use within your business.
- This asset can be 100% deductable!
- The limit isn’t $20,000 per business, but actually it’s $20,000 per asset!
- Assets over $20,000 cannot be broken up, but can be depreciated.
- With the current low interest rate environment, now is the time to purchase those major business assets!
The best way to take advantage of this opportunity is to finance the asset you need for your business! Here are some great ideas from Mr. Hockey’s budget night speech in May 2015:
- “If you run a café, it might be new kitchen equipment or new tables and chairs.”
- “If you’re a tradie, it might be new tools or a computer for the home office.”
- “Cars and vans, kitchens or machinery… anything under $20,000 is immediately 100 percent tax deductable.”