Tax break hits the headlines

Kelvin Tyler • May 29, 2015

About 24 hours after the budget was announced, we saw the advertising campaigns start hitting the papers screaming out headlines like “20K tax break on forklifts!” “Buy now to claim the 20K tax write off!”. It was pretty obvious that this new budget was going to be big news for small business.

The ‘tax-break’ available to small businesses, refers to the government’s announcement that depreciable items acquired and installed ready for use between 12 May 2015 and 30 June 2017 will qualify for an immediate 100% deduction rather than being depreciated over a number of years. Provided that the asset costs less than $20,000 each excl GST.

Currently only assets that are less than $1,000 are eligible for immediate write-off, so lifting this threshold to $20,000 will make a huge difference to small business owners and hopefully boost the economy. This measure will have a significant affect on tax planning decisions for the current year.

There are two important things to consider when it comes to this announcement.

  1. Don’t count your chickens before they are hatched. At this early stage, the budget announcements are just that, announcements only. We will have to wait until the various measures are passed by both Houses of Parliament and we see the final legislation, before we really know the fine detail. It is perfectly fine to start planning and talking with your accountant, but major purchase decisions should be left until the details are finalised.
  2. Don’t allow tax incentives to be the sole driver for your business decisions. We recommend that asset purchases should be planned as part of the big picture for your business growth strategy. So if you are considering making some purchases that perhaps you weren’t going to make until this new write-off was announced, then please talk to your accountant first about how it fits with your cashflow, overall growth strategy and your tax planning.

There are a number of other interesting measures announced as part of this year’s budget including a 5% discount for businesses not using a company structure, company tax rate reduced from 30% to 28.5%, and accelerated depreciation for farmers. Check out our fact sheet>

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Adrian Rasmussen retires after decades supporting Regional Queensland

By BMO • June 30, 2026
After an incredible career dedicated to supporting regional businesses, farming families and rural communities, BMO Business Centre Partner Adrian Rasmussen will officially retire from the partnership effective 30 June 2026. For many across the Western Downs and beyond, Adrian has been far more than an accountant or advisor. Over decades in business, he has built trusted relationships grounded in honesty, loyalty and a genuine understanding of regional life and the people who live it. Adrian’s connection to the country and agriculture has always been at the heart of who he is. He has worked alongside generations of farming families and business owners through seasons of growth, challenge and change, becoming a steady and respected presence for clients, colleagues and the wider community alike. Reflecting on his time at BMO, Adrian said the relationships formed throughout his career have been among the most rewarding parts of the journey. “It has been a privilege to work with so many wonderful people over the years; not only clients, but colleagues and communities who have become lifelong friends,” Adrian said. “Regional communities are built on relationships, trust and supporting one another, and I’m incredibly grateful to have been part of that throughout my career.” BMO Business Centre Managing Partners Kelvin Tyler and Michelle McVeigh said Adrian’s contribution to both the business and the region would leave a lasting legacy. “Adrian has played an incredibly important role in shaping BMO into the business it is today,” they said. “His care for clients, commitment to regional communities and calm, practical approach have earned enormous respect across our industry and the communities we serve. While we will certainly miss having him in the office, we are excited for Adrian and his family as they enter this next chapter.” While stepping away from the partnership, Adrian is looking forward to spending more time with family, on the farm and enjoying a well-earned change of pace after many years dedicated to supporting others. Everyone at BMO Business Centre extends their sincere thanks to Adrian for his years of service, friendship and leadership, and wishes Adrian and his family all the very best for the future.

Your 30 June superannuation checklist

By Nikki Ashurst • June 4, 2026
Five easy ways to get more into your super fund before the end of the financial year.