End of Financial Year is quickly approaching, which provides and excellent opportunity to capitalise on the tax breaks available! Did you know that you could be eligible to deduct the interest you pay on a business loan?*
For example, let’s say you make monthly repayments of $500 on your business loan. From that $500, $150 is the Factor or Interest payment. Its this Factor or Interest payment that you’re able to deduct.
In this example, it means you could deduct $1800 as an interest expense ($150*12).
The ATO has also increased its instant asset write-off threshold.*
The threshold is now $150,000 (up from $30,000) for each asset, assuming you have chosen to use the simplified depreciation rules. You could capitalise on this increased threshold this FY to purchase equipment or inventory for your business and get FY21 off to a cracking start. This increased threshold has also been extended until the end of 2020 see here for more information from the ATO.
We approve 95% of qualified applications and the process takes under 3 hours so can have funds in your account by cob today!
If you’re looking for an Business Loan or curious in seeing what we can offer you (without impacting your credit score) please email us via email@example.com or call us on 1300 922 223.
*Please note that all advice is general and we recommend that you contact your Accountant or the ATO to see if you meet qualifying requirements, we take no responsibility for your ability to qualify for the above.