"The hardest part is to start". Can't say that I agree with this because of my experience. From a cool idea to something tangible was really easy. When you're 100% positive and determined, nobody can stop you. No matter what you want to do or plan on doing, just dive right in. Learn as you go but keep going. I'll be honest! What helped me the most was not having help. Now I need a team 😂
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🇪🇸 En español: "La vida viene a nosotros en olas. No podemos predecir ni controlar las olas, pero podemos aprender a surfear." - Dan Millman
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I've been learning that in the process of achieving your goals you must recognize your achievements. In what ways could you start recognizing your achievements whether they're big or small? I'm totally the type that creates long to-do lists on the notepad of my phone. I'll delete items off my to-do list like nothing happened + move onto the next thing ✅Then at the end of a long day I'll completely forget everything I achieved that day and/or feel like I didn't do enough... Sad, right? I've started realizing how limiting this way of thinking is... So I started to not only have a daily "to-do" list, but also a daily "achieved" list to refer to. So instead of just erasing things off my to-do list on my phone + forgetting about them, I'll paste it to my achieved list instead. Maybe this could help you too? .
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Only small businesses qualify. This might seem obvious but you actually have to be in business to be a small business, not just a holder of an ABN number.⠀
Do you understand what the tax break is? It's not a cash hand-out but a deduction from your taxable profit. If you spend $20,000 from on a capital purchase, you will receive a 28.5% per cent deduction which equates to a $5,700 reduction in your tax and means you will still be out by over $14,000 on the purchase. If it’s something you were going to purchase anyway, good luck and enjoy the benefit but if you’ve acquired something, or are planning to acquire something, purely to save tax, you might want to think again. What you gain in the year of purchase will gradually be clawed back through reduced deductions in future years.⠀
The amount you can claim is GST exclusive. This is relevant if your business is registered for GST and can claim an input tax credit on the purchase. The amount you can claim is the GST exclusive price.⠀
The asset must have been installed and ready for use. This is particularly important if you purchased the asset just before the end of the financial year. If you’d purchased it before 30 June but didn’t have it available for use until July, you can only claim the deduction against next year’s profit.⠀
You can claim a deduction for second hand assets.⠀
Beware private use. To claim the full deduction, the asset has to be used in the business and if there has been personal use, the deduction needs to be pro-rated to reflect this.⠀
Thank you @hrblock for the help with this write up!
You were not put on this earth to limit yourself or rely on someone else for a life well-lived; you are here to become the most magnificent version of yourself, to achieve everything you've ever dreamt of, and to strengthen others.