If there’s one small thing that we can ‘thank’ the Coronavirus for, it’s a few windfalls from the government!
In their endeavour to stimulate the economy, the federal government announced an increase of the instant asset write off amount from $30,000 to $150,000 to eligible businesses until 30 June, 2020.
If your business turns over less than $500 million, you can claim the cost of assets that you use in your business up to a total of $150,000 as an immediate tax deduction, rather than depreciation over several years. Remember, it’s a tax deduction, not a return so it’s important to consider your individual circumstances and talk to your accountant first.
What can be included?
Any assets you need for your business. That means your new canopy, drawers and other TJM goodies essential for your business … up to a total of $150k. These can be purchased together or separately and still be claimed.
When do I need to take action?
Now! You need to have your items purchased (invoiced) and paid for before June 30, 2020 in oder to claim the deduction. Come 1 July, 2020, the tax asset write-off threshold returns to $1,000! There’s never been a better time to get 4x4 equipped.
What do I do now?
Check your eligibility with your accountant and/or check the information about the $150k instant write off on the ATO website here. Then check out the TJM website, choose your items and get in touch with the team at Clovelly Park and Nailsworth. They’re ready for your call!
Get in now and get 4x4 equipped.
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