$17.6 Billion Stimulus Package to boost the economy
Take advantage of the Federal Government’s Instant Asset Write Off support for business investment
Available to customers RIGHT NOW with an annual turnover of less than $500M
$150,000 Instant Asset Write Off
- Applies to any eligible assets purchased. Including trucks, trailers, bodies, etc (as long as invoiced separately and the GST exclusive amount per asset is less than the $150k threshold)
- The cost of each truck can be used to reduce a company’s taxable income by the amount paid (GST exclusive) for the truck
- Trucks must be invoiced and paid for by June 30 2020
- Companies can purchase applicable trucks with cash or by using a chattel mortgage (operating lease or finance lease would not give ownership as required under this incentive)
- Trucks can be new or used
- There is no limit on how many trucks are purchased. The $150k limit is on each truck but multiple trucks could be purchased as long as they are all individually less than $150k
- Customers need to act fast. Trucks need to be delivered and paid for by June 30 2020
15 Month Investment Incentive
- Applies to any eligible assets. Including trucks, trailers, and bodies
- There is no upper limit on the cost of the trucks under this incentive and there is no limit on the number of trucks purchased
- 50% of the purchase price can be used as an immediate tax deduction with existing depreciation rules applying to the balance of the trucks cost base
- NEW assets only (not used assets)
- Companies can purchase applicable trucks with cash or by using a chattel mortgage (operating lease or finance lease would not give ownership as required under this incentive)
- This incentive can be used in conjunction with the instant asset write off above if customers buys some trucks for less than $150k and some trucks for more than $150k
- This incentive runs from NOW until June 30 2021 which is an additional 12 months after the $150k instant asset write off
TCWA PROMOTIONS PAGE Disclaimer: All information is general in nature and is not advice. Customers should be referred to their accountant or tax advisor and consider their individual circumstances before making a final purchase decision. Further information can be found at Official ATO Website.
