Last year, the federal government extended its $20,000 instant asset write-off scheme, which was a big jump as prior to this, the instant asset write-off threshold for small businesses was $1000. We are yet to hear anything that the government planned to continue this policy, and I am sure if they intended to do it, we would have heard something by now so the deadline is June 30, 2017, which is two months away.

If you are seriously planning to upgrade your point of sale system soon, it would be a serious loss not to take advantage of the instant asset write-off now. It’s a great opportunity to spend on something that will help you work smarter and more efficiently, improve your shop and allow you to offer better customer service.

I would suggest that you speak to your accountant about it ASAP.