A question we have been getting asked is ‘how can the $150K complete tax write-off of a renovation on our offices benefit us?’
It can benefit you in two ways; firstly, you can invest now in any design changes you need to do, so that you’re ready for the new paradigm centered around social distancing, after the worst is over and we come out the other side.
Secondly, say you spent $150k on your renovation or new equipment install, and it is 100% tax deductible, if you’re paying 30% company tax, and possibly your own personal rate of 30% – that’s up to a 60% saving on the $150,000.
What does that mean? That means that your fitout, instead of costing you $150,000, may only cost you $75,000 or $80,000. Now that’s a bargain! The ATO is ready to help you invest in your future and do what you have been needing to get done to provide for the coming years, with their assistance.
We would love to help you through these easy steps! At ICON INTERIORS, we are passionate about the wellbeing of your building & consequently your staff. We can point you to the biggest wins, and the quickest way for you to get the maximum benefit from your tax deduction.
Some other videos in this series that you may be interested in:
Why do other fitout companies have a page of exclusions?
How can I ensure there are no aircon costs outside of the quote?
How do I know how much to allow for my Fitout budget?
How can I maximise my tax write-off?
Do we need an insurance policy to cover ICON INTERIORS project completion?