[OFFER EXTENDED] CASH IN ON THE $150K ASSET WRITE OFF BEFORE CHRISTMAS FOR A NEW WORK TRAILER OR VEHICLE
The Federal Government has given Australian businesses another chance to cash-in on the $150,000 instant asset write-off scheme. Treasurer Josh Frydenberg confirmed that the asset write-off scheme will be extended another six months, until December 31 2020.
Extending the deadline by six-months has given business owners, who may not have been able to take delivery of their new work trailer or work vehicle before the original June 30 deadline, creating another opportunity to take advantage of the tax benefit in the 2020/2021 financial year.
This is expected to help around 3.5 million Australian businesses and is designed to support business investment and encourage economic growth.
“They can buy a pizza oven, they can buy a coffee machine, they can buy a new truck, a new tractor – they can buy new materials for their business,” said Frydenberg.
3 WAYS TO CASH IN ON the Asset Write Off (for your business)
1. ADD A NEW VEHICLE TO YOUR FLEET
If you are in the market for a new work utility vehicle or if you are looking to add a new vehicle to your fleet, check out PCOR SUPERTOURERS™. Designed by off-road touring experts, PCOR SUPERTOURERS™ are full turn-key four-wheel drive spec vehicles engineered to tackle the harshest Australian terrain with quality Australian Made materials and a plethora of smart touring tech.
The range includes RAM 2500, RAM 1500, SR5 Hilux, PX2 Ford Ranger, 200 Series and 79 Series Landcruisers.
2. UPGRADE YOUR WORK VEHICLE TRAY
You could also use the instant asset write-off to upgrade your current vehicle set-up to better suit your working conditions, with a PCOR Tray and/or Canopy. Made in Australia and forged from lightweight aluminium, PCOR Trays & Canopies are designed to keep your vehicle balanced while allowing for greater carrying capacities.
The range includes trays for RAM 2500, RAM 1500, SR5 Hilux, Ford Ranger, 200 Series Landcruisers and 79 Series Landcruisers.
3. PURCHASE A TOOLS TRAILER
The instant asset write-off also applies to work trailers, so if you’re a tradie who is in the market for a new work trailer a Patriot Campers X1-N may be a perfect choice. Featuring 2000L of storage, 155 litres of water, a 270-degree awning, an onboard 350W inverter, the ultimate smoko kitchen and the EXORACK™ mounting system, the X1-N can easily double as a Portable Work-Site Hub.
Click here to view the X1-N and it’s work-site applications.
The instant asset write-off eligibility criteria and threshold have changed over time. Make sure you check your business’s eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.
We are unable to provide advice to you on the ability to claim this deduction. Please ensure that you seek independent professional tax advice to confirm your eligibility.
For more information about the $150,000 Asset Write-Off Scheme please contact the Australian Taxation Office or learn more here.
