The federal budget provided that small business or sole trader with an ABN with a turnover of under $2 million a year can claim up to $20 000 a year. I have an ABN for a business that was a sole trader. I'm still the same sole trader, but have moved onto property and shares. One report advises:
"The new accelerated depreciation rules run from last night until the end of June 2017.
WHAT CAN I BUY?
"Anything used for running your business: computers, printers, office furniture, coffee machines, kitchen equipment, cars, tools. You can use the tax write-off on as many individual items as you want.
WHAT CAN?T I BUY?
"Stock for your business, office software and plants will be excluded, as will marketing costs."
If the turnover is under $2 million a year, can the above apply to people investing in property? Also, how does the term "sole trader" apply to property investors? TIA.
"The new accelerated depreciation rules run from last night until the end of June 2017.
WHAT CAN I BUY?
"Anything used for running your business: computers, printers, office furniture, coffee machines, kitchen equipment, cars, tools. You can use the tax write-off on as many individual items as you want.
WHAT CAN?T I BUY?
"Stock for your business, office software and plants will be excluded, as will marketing costs."
If the turnover is under $2 million a year, can the above apply to people investing in property? Also, how does the term "sole trader" apply to property investors? TIA.