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BlogApril 22, 2021

Small Business CCTV and Security Depreciation & Instant Asset Write-Off

Asset depreciation can be a complicated area to grasp. But for small businesses—it’s essential.
 
cafe business owner

First, let’s look at why on-premise security is important.

With Melbourne back in full swing, small businesses — including retailers, pharmacies, restaurants, bars and cafes — are seeing an increasing number of customers returning to their physical location and a rise in pathway foot traffic in and outside of trading hours. Especially for those located on a retail strip and in the CBD.

While many things have changed since COVID-19, what hasn’t changed is how a business is susceptible to break-ins, theft and vandalism.

For business owners who had previously considered investing or upgrading their CCTV and security solution, now’s the best time to do so; approaching the end of the financial year (EOFY) and with the Government Instant Asset Write-off

Writing-off CCTV, Alarm Monitoring & Other On-premise Security Solutions

One important part to understand about CCTV and on-premise security equipment depreciation is that it can lead to tax deductions. Any business owner who uses on-premise security as part of their commercial operation is entitled to claim back the cost as a deduction at tax time. This is a critical tenet if managing cash flow is a priority for your business.

You can potentially take advantage of the Instant Asset Write-off to upgrade your business’ security by immediately writing off depreciable assets that cost less than $150,000. Depreciable assets include security hardware and equipment as well as security installations for camera systems, alarm systems, and electronic access control systems.

If you are a small business, you will need to apply the simplified depreciation rules in order to claim the instant asset write-off (please refer to the following ATO (Australian Taxation Office) page for more details)

When do I need to make my purchase?

To write off the asset within this financial year, the security IT hardware and installation needs to occur before 30 June 2021.

Woman holding briefcase during end of financial year

How can Signal Security assist your business?

Signal Security is Melbourne’s leading provider of high-quality, on-premise security for businesses. With Signal Security on your side, you can have a highly effective and affordable tool against break-ins, theft and vandalism.

No matter how big or small, our commercial security advisers will listen to your requirements then custom-build a solution to meet your security needs. We can recommend the most cost-effective ways to upgrade any existing security equipment you may have whilst utilising as much of your existing infrastructure as possible, in turn, allowing you to receive the absolute best return from your investment.

Between April and June 2021, we’re offering free comprehensive evaluations. Click the button below to request a callback.

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