It is that time of the year where supplier and dealers provide offers and incentives to buy their equipment and there are many reasons why this year may be a good year to take advantage of these EOFY offers:
1 – Changes announced in the Federal Budget that increased the Instant Asset Write-Off to $30,000.
The instant asset write-off now also includes businesses with a turnover less than $50 million. (Previously this write off was for businesses with a turnover less than $10 million).
Businesses can claim a deduction of up to $30,000 (Ex GST) for the business portion of each asset (new or second hand), purchased and first used or installed ready for use from 7.30pm (AEDT) on 2 April 2019 until 30 June 2020.
Businesses with a turnover of up to $10 million can also claim a deduction for each asset purchased and first used or installed ready for use, up to the following thresholds:
- $30,000, from 7.30pm (AEDT) on
2 April 2019 until 30 June 2020
- $25,000, from 29 January 2019 until before 7.30pm (AEDT) on 2 April 2019
- $20,000, before 29 January 2019.
- The ability to buy multiple assets under the Instant Asset Write-Off Scheme.
For more detail check out our $30,000 Instant Asset Write-Off post.
2- We can arrange finance for just about anything you are purchasing – So don’t hesitate to give us a call to discuss your potential purchase and whether it is an asset that we can finance.
3- Benefits gained from buying new or used assets – Generally, these will increase business efficiency and a reduction in the amount of tax payable as a result.