Small business continues to be the focus of the 2016-2017 Federal Budget and now is the time to embrace the opportunity this presents. Between RBA rate cuts, savings on cars, a healthy real estate market and a federal budget that sees tax breaks for small business and more money in many family pockets, it really is a great time to finance large purchases.
Small business tax breaks
This week’s federal budget is good news for small business owners with a continued push for the tax break on purchases under $20,000. Small business owners can take advantage of immediate tax deduction on these asset purchases. Aside from stock, small businesses will be able to claim virtually any other asset that comes under the threshold of $20,000. This could be a car, motorbike, machinery, IT and office equipment, tools or even a coffee machine or air conditioner. To be eligible you need to have a registered ABN and turnover of less than $2 million a year.
This went into effect during the budget announcement in May 2015 and is due to extend out until 30th June 2017. So why not get in quick whilst it lasts and save money in your 2015/16 tax return.
360 Finance can help finance your next car, bike or equipment purchase so you can take advantage of this tax benefit. Talk to a friendly 360 Finance Officer to find out how we can get you the best deal on business finance.
Low Cash Rate Great for Investors and Home Buyers
At its meeting on May 3rd, the RBA lowered the official cash rate by a further 25 basis points bringing the rate to a low of 1.75 per cent. That is the lowest rate on record!
Since then, all of the major banks have responded with their own cuts, meaning savings for you and your family.
This is a great time to have 360 Finance perform an obligation free check of your mortgage and make sure you are getting the best deal. This could save you thousands over the life of your loan, or allow you to pay your mortgage off quicker.
360 Finance can help you find the best loan for your circumstances and will do all the hard work to get you the best deal on your mortgage.
Take Advantage of the $20,000 Tax Break on Car Purchases
It really is the perfect time to buy a car. If buying a car has been at the back of your mind, consider the savings you will make right now. Time to put car shopping high on the agenda.
Clever buyers are able to save on both sides of the car purchase. Firstly, it’s financial year sale time in the car industry. You may have already seen the ads for End-of-Financial-Year sales offered by most of the major car dealers. This means there are big savings to be had right now on the drive-away price of new and used vehicles, as dealers try to stimulate sales to keep their accountants happy.
On the flip side of your car deal, car finance is incredibly attractive right now too. With the recent RBA interest rate cut earlier this week, interest rates are at the lowest on record and 360 Finance has some amazingly low rate finance deals available to fund your new wheels.
Take advantage of low prices and low rates. Grab a great price on a new or used car, as there really has never been a better time.
Get the best rate at just the right time to secure a car bargain. 360 can make the finance process easy with our access to 20 plus lenders and even more individual car loan products. We’ll help you find a loan that suits your budget, allowing you to save even more. Contact a 360 Finance Officer to discuss your new car loan today.
Edited on 04/05/2016 to reflect changes in current budget announcements.