Joe Hockey delivers early Xmas present to Fit-out Contractors

This new tax break will deliver an early Xmas present to fit-out contractors who specialise in restaurant and small office refurbishments.

Washington Brown Quantity Surveying expert Tyron Hyde says he was surprised by the quantum of the tax break.

 “I think $20,000 as an immediate tax deduction for individual items is a huge amount and an incredible incentive to bring that fit-out forward.”

 “Fit-out contractors now believe in Santa Claus and he’s taken the form of Joe Hockey,” he adds.

 “We recently refurbished our office for a cost of $202,000 and were able to claim $35,000 in depreciation in the first year. If we’d carried out the same fit-out  today our first year depreciation would’ve been over $123,000. That’s a HUGE difference”Hyde says.

 Quantity Surveyors are experts in breaking down the overall construction cost into individual items and now has never been a more appropriate time to do this.

 Tyron Hyde says there are four main points to consider:

 1.         Small businesses should ensure a detailed report of any fit-out costs be carried out.

2.         When acquiring any new asset, small businesses should try to keep the costs below  $20,000.

3.         This generous bonus has an expiry date of June 30, 2017.

4.         Assets costing over $20,000 can still be depreciated but not claimed as an outright deduction.

Some examples of what may qualify for an immediate tax deduction include carpet, desks, blinds, work stations and a lighting upgrade.

“Now has never been a better time to upgrade that office or refurbish your restaurant.’says Hyde.

Tyron Hyde, CEO of Washington Brown, has over 20 years’ experience as a Quantity Surveyor and is Australia’s only published author on the topic of property tax depreciation. His book “CLAIM IT!”has recently become an Australian best seller.

An image of Joe Hockey as Santa Claus is available upon request.