The Australian Government’s Jobs and Small Business package – Asset Deductions

On 12th May 2015 the Australian Government announced funding for the ‘Jobs and Small Business package’ in the 2015-16 Budget.

Safe Food understands that, subject to certain conditions, small businesses will be able to depreciate any eligible asset costing less than $20,000 which you buy from 7.30pm on 12 May 2015 until 30 June 2017.

Some of the items worth considering for your food business include:

  • Cold chain management/monitoring through upgrades to refrigeration, use of data loggers;
  • Purchase/upgrade of cooking and/or drying equipment;
  • IT and related matters to assist with product traceability; and
  • Installation/upgrading of CCTV equipment.

We do, however, recommended that you consult with your tax advisor about how you may benefit from the ‘Jobs and Small Business package’.

For more information about the Australian Government Jobs and Small Business Package click HERE.