#instant write-off

As digital evolution continues to accelerate, it’s vital that small businesses keep up with the digital future by investing in digital growth. While most small businesses have a website, their common problem is the lack of know-how to make it more than just a pretty landing page. So with the help of the recently announced extension to the tax write-off, small and medium-sized businesses can now use the $30,000 instant asset write-off to power sales growth in their business.

Imagine if your website was difficult to navigate through, or doesn’t offer the information that customers require on the first page, that could seriously affect your business. In today’s cutthroat world, we really can’t afford to not make maximum use of our digital technology to boost our online business and image – this is where digital transformation steps in.

Powering Sales Growth with Digital Transformation Digital transformation is the implementation of digital innovations that helps to enhance web presence. Examples of digital marketing that can help you improve your sales include automation software that replaces slow and manual processes, targeted social media advertising and website data analysis.

But, before you start thinking about any expensive and potentially disruptive changes to your website, you need to have a digital strategy in place so you don’t go off track. This is where the instant write-off can help you!

Digital Strategy Investing in a winning digital strategy is all worth it if you want your business to continually boost sales. Most small businesses fail to understand that a unique digital strategy must be tailored to their own individual business if they want to win in the market because no businesses are the exact same of course – so make sure to look into getting the right digital strategy from the right digital experts!

Netstripes are the authorised digital specialist for small businesses in NSW. We offer free one-on-one digital advisory sessions for small businesses which are fully funded by the NSW government. Sit with one of our digital experts and get your digital strategy created to help boost sales. Click here to book your advisory with us today!

Digital Presence Changing your digital presence is quite simple actually. Examples include changing the way your copy and images are presented to communicate your brand better, and altering a complete overhaul of your landing pages and social media content to generate new leads. Make sure to seek help from professionals to make a smooth transition to business success.

We can help you! Netstripes has several business plans that cover all areas of the digital presence from web development, and professional graphic designing to expert guidance on social media marketing and tech support. All of which cost less than $20,000, so it can be purchased and claimed under the $30,000 instant asset write up. If you’d like to learn more about our services, click here to book your free consultation and speak to our Digital Advisors.

Conclusion The increase in the amount and accessibility of the write-off is to encourage small businesses to invest more in their industries through value-added equipment and technology.

So by using the $30,000 instant asset write-off to power sales growth for your business, we advise you to invest in Digital technology. Digital technology is something that we all need to integrate into our business to stay ahead of competitors and grow sales. More small businesses need to take steps toward creating a stronger online presence to increase profitability and the instant asset write off affords us the opportunity to invest in digital upgrades that will generate more sales and ensure a robust and sustainable business. So why not take advantage of it.

Entrepreneurship and innovation go hand-in-hand to produce new ideas, pioneering businesses, and an overall satisfying customer journey. So with the help of the $30,000 Instant Asset Write-off, entrepreneurs can now take full advantage of this scheme to venture into building a new innovative idea for their business.

The most successful entrepreneurs are not simply hard-working but, they’re innovative too. You can hustle all day, but if you’re not stretching your innovative muscles, you’ll find it hard to achieve the kind of success you dream of. Most people think of innovation as a “Eureka!” moment. Someone has a genius idea, it changes the world, and that’s the end of it. But true innovation is actually a constant cycle of changing for the better.

In this day and age, investing in digital innovation is the key to driving and maintaining successful businesses, and with the recent announcement of an increase to the instant asset write up, from $25,000 to $30,000 after 2nd April 2019, investing has become that much easier.

In the sink-or-swim environment of today’s start-ups, digital innovation plays a major factor, however, a lot of people don’t know where to start when it comes to putting their businesses out there or haven’t formulated their digital strategy yet.  Traditional forms of advertising no longer suffice in reaching the right audience, which is why a strong digital presence is necessary.

Many new entrepreneurs face various challenges when it comes to marketing and finding their target audience online. To build a truly innovative online platform for your business, you need to start with a good foundation, which is where seeking consultation plays a big part. Netstripes as the authorised digital specialist for small businesses in NSW, has several innovative web solutions to help entrepreneurs create the right online presence and capability that best represents their business, and a free 1-on-1 advisory session will help you to decide which one will suit you best.

The Innovation Suite, in particular, was designed to cater to the continuously evolving requirements of innovative entrepreneurs by creating a bespoke digital platform that gets your big ideas to market effectively and then following it up with a strong digital marketing strategy that promotes your business.

Digital technology allows entrepreneurs to focus on developing a scalable business model and creating a meaningful impact for website visitors by dynamically evolving to preferences and focusing on innovation and automation, while still operating with limited budget and resources.

Conclusion

Innovation used to be a byword for creativity, but now in the digital era, it encompasses so much more. Modern day entrepreneurs can no longer disregard the digital future and must stay up to date with the latest technology to see their innovative ideas come to fruition. However you decide to invest in your business, think of your long term goals and the most cost-effective way for you to reach them. That is the basis of innovation – ask the right questions to outline your requirements, and then make it happen!

If you’re interested in learning more about our web solution packages, click here to book your free consultation and speak to our Digital Advisors today.

Us small businesses have been celebrating the recent extension to the instant asset write-off 2019 threshold that was announced during the 19/20 Federal Budget speech. The increased amount from $25,000 to $30,000 will allow more small and medium business owners to invest further in development by instantly writing off depreciable assets that cost the business less than $30,000.

Although this is a great move on the part of the government, the write-off has caused a lot of confusion and several business owners are still unaware of the scheme and how they can use it for investments. And that’s not really surprising given that most small businesses don’t have the start-up capital to make the initial investment. The result is, a lot of hardworking people are missing out on a tax break that can really help their business.

So, if you’re wondering about the finer details like the rest of us, or you’re just thinking about what you need to purchase first, here’s a quick breakdown of what a small business should know about the instant asset write-off 2019.

How does the Instant Asset Write-off 2019 work? To get a clear understanding of the changes to the instant asset-write off 2019, we called in some professional help and spoke to the highly regarded global accounting firm Grant Thornton, who gave us the low-down on how the instant asset write-off works. As you already know, tax deductions are available for business owners that make purchases for further investment in the business. The purpose behind the instant asset write-off is to speed up the process at which you can make and claim deductions for those purchases while boosting revenue channels through investments.

The instant write-off scheme lets small businesses instantly deduct depreciating assets that cost $30,000 or less for purchases made after 2nd April 2019 (purchases made from 29th January to  2nd April are only eligible for the $25,000 instant write-off), and the tax deduction is claimed on the tax returns for that financial year. The write off can also be applied to multiple assets as long as each individual asset costs less than $30,000.

Another point to remember is that whatever is purchased must be ready for immediate use to be eligible for the write-off. That means the asset must be installed, in-use or ready for use after purchasing in the same financial year. For example, if you bought an asset in June, but it’s not ready for use until September, then it’s not eligible for the write-off.

What’s the difference from the previous rules? The main difference is that the previous threshold was only $25,000 and purchases that exceeded the limit were only able to be partially written off every year, in accordance with the depreciation rate of the asset.

Since the introduction of the new scheme, now businesses can write off the full cost (assuming it costs $30,000 or lower) of the asset in the same financial year instead of depending on the depreciation rule (which still applies to assets greater than $30,000). Consult with an account for more information on your individual situation.

In addition, the instant asset write-off 2019 is now available for businesses with an annual turnover of $50 million or under, whereas previously the limit was $10 million or less. This means medium businesses are now also eligible for the write-off.

What about assets that are split between home and work? A tricky one for those of us who jungle assets like vehicles and laptops for both work and home use, but there is some relief. According to Grant Thornton, we can still claim deductions on the asset, however, it won’t be a full write off as the tax will only apply to the amount of time the asset is used for business purposes. For example, if you bought a vehicle for $30,000 but only use it for business purposes 50% of the time while the remaining is for personal purposes, then you can only write-off $15,000 (50% of the total cost).

It’s still uncertain whether the current scheme will be extended after its scheduled expiry date (June 2020), so if your business has the cash flow to support the purchase then do take advantage of the instant write off as soon as possible. Make the most of it by investing in something that will have a long-term positive effect for your business like replacing outdated equipment or boosting your web presence with a professional digital marketing strategy to engage more customers and increase sales.

Conclusion The instant asset write-off 2019 is the perfect opportunity to invest in the website you’ve always wanted for your small business. Netstripes has several affordable business plans for web solutions that include in-depth web strategies, brand positioning, and designs, all of which can be deducted through the instant asset write-off scheme.

If you’re interested in learning more about our web solution packages, click here to book your free consultation and speak to our Digital Advisors today. We can help you!