The Australian Government threshold for instant asset write-off has increased from $30,000 to $150,000 (as of March 12th 2020). Therefore, Australian businesses who are looking to upgrade their current business equipment such as forklifts, delivery vans and bulk fuel storage tanks can now take part in this scheme with the increased threshold. This opportunity is until December, 2020 if your business is to benefit so we do encourage you to not miss this opportunity.
The ATO states that the threshold will revert back to $1,000 from 1st January 2021.
At Fuelchief we stock a variety of bulk fuel storage tanks that are under the threshold such as our very popular DC Series stationary tanks. This range, along with our ute tanks, and transportable tanks and AdBlue tanks have been saving our customers time, money and labour for over two years now. To see how much you could save, just like our customers, check out our tank savings calculator.
Now is the best time to take advantage of this opportunity and start saving money in your business straight away.
$150,000 Asset Write-off Extended till December 2020 – Released 11th June 2020
(image: Scott Morrison Australia)
Using the instant asset write-off, you can claim a deduction for each asset that costs less than the threshold (ie $150,000) that applied when the asset used or was first installed at your business ready for use. Depending on the piece of equipment and your business turnover, different thresholds do apply, this helpful link is a good starting point to see which threshold your business falls into.
The Australian Government has introduced a time limited 15-month investment incentive to support business investment and economic growth over the short term, by accelerating depreciation deduction. This applies to eligible assets acquired from 12 March 2020 and first used or installed by 30 June 2021. Businesses with a turnover of less than $500 million will be able to deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset cost.
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Our Aussie team can assist you here