COVID-19: Gvt Asset Write-Off Increased to $150k
How the latest Government announcement will impact your business during COVID-19.
Now is the best time to stock up on fuel (while it’s cheap!) and you can make the most of the new Government incentive to do so.
With a lot of uncertainty going on at the moment, you might have heard that the Australian Government has recently increased the instant asset write-off threshold from $30k to $150k for small to medium businesses. This has also been extended to businesses with aggregated annual turnover of less than $500 million, instead of the previous limit of $50 million.
This was announced by Scott Morrison and applies from March 12th, 2020, as a scheme to provide cash flow benefits for businesses during the COVID-19 pandemic.
What does this mean for you?
If you are an eligible small to medium sized business, you can claim any business investment on tax up until the end of June 2020. It means that you can immediately deduct purchases of “assets” for your business up until the end of the financial year.
For example, if you have been thinking about getting a fuel storage tank for your property, you can now claim an immediate deduction on this if you match the Government’s business criteria.
How can you make the most of it?
With people stocking up on food and resources worldwide in preparation for the health and economic hit of COVID-19, there are ways to save money in the long term. For example stocking up on fuel now, whilst prices are seeing a drop, can ensure you are prepared for the coming weeks. You can avoid the unpredictable future of prices escalating, and access a storage solution immediately by purchasing a tank through the asset write-off.
Take advantage of the increased Government asset write-off ✔
Save $ on fuel in the long term ✔
Get your fuel tank sorted before the rush ✔
For more information, feel free to contact our team on 1300 829 802 and we can help discuss your business position and the best options.
< Back to Recent Media