As you’re aware the government has introduced a stimulus package to help. The Government is increasing the instant asset write–off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
What does the Govt’s Economic Stimulus Package mean for your business?
Two asset-related incentives are available NOW and to ALL businesses with an annual turnover of less than $500 million.
Instant asset write-off increased from $30k to $150k
1. Applies to eligible assets “first used or installed ready for use” between 12 March 2020 until 30 June 2020 with a purchase price up to $150k
2. Can be used for both new and second-hand assets. Some exclusions and limits apply.
3. The $150k limit applies per asset, and there is no limit to the number of assets purchased
4. $150k Low Doc Approvals available on eligible assets.
GET IN QUICK TO TAKE ADVANTAGE OF THIS INITIATIVE
Backing Business Investment (BBI)
1. 50% Instant Depreciation Write-Off on eligible assets over $150k
2. Eligible assets must be NEW only (vehicles, plant and equipment)
3. There is no limit to the number of assets purchased
4. Replacement policy available on numerous assets
5. This initiative is available for 15 months only – until 30 June 2021
6. This extended initiative will also be applicable to assets of $150k or less for an extra year once the $150k Instant Asset Write Off has expired on 30 June 2020.
Please note: Contact your taxation professional/accountant to see if the above is applicable to your business.
To find out more go to the Government fact sheet link below:
Kubota K008-3 Mini Excavator
NOW $30,250 INC Gst
Finance: 0.9% P.A. Comparison Rate / 36 Months to Pay
- Perfect for tight access jobs
- 10.3HP engine
- ROPS standard
Contact us for attachment packages, trailers and other options.
*Terms and Conditions apply. Speak to your tax adviser to see if you’re eligible for the instant asset write off. Prices include GST. ^Finance Offer is only available for ABN holders who are using the equipment predominantly for business purposes. Credit provided by Kubota Australia Pty Ltd ABN 72005300621. Terms, conditions, fees charges and credit criteria apply. Different term and different deposit may result in a different rate. 0.9% p.a. interest, Term 36 months, Minimum Deposit 10% for Excavators, 20% for BX and M Series. No lump sum final payment, Repayment frequency monthly, Minimum financed amount $4000, Credit criteria, terms and conditions apply, Offer expires 30/06/2019. Eligible Equipment All U Series, BX Series and M Series. Excludes certain Excavator attachments.