Federal Government Increase Instant Asset Write Off to $150k
If you are thinking about purchasing a truck body or upgrading your existing truck body, you may be eligible to take advantage of the government’s increased Instant Asset Write-Off (IAWO). This could result in significant tax savings just for purchasing your truck body before the end of the 2019/20 financial year.
What Does This Mean For Truck Owners?
According to business.gov.au:
The instant asset write-off threshold has been increased from $30,000 to $150,000 and expanded access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million). This applies from 12 March 2020 until 30 June 2020, for new or second‑hand assets first used or installed ready for use in this timeframe. The higher Instant Asset Write-Off (IAWO) threshold provides cash flow benefits for businesses that will be able to immediately deduct purchases of eligible assets each costing less than $150,000. The threshold applies on a per asset basis, so eligible businesses can immediately write‑off multiple assets.
In simple terms, this means that businesses with an aggregated annual turn over of less than $500 million can instantly write-off any asset less than $150,000 which is purchased and ready for use between 12 March 2020 and 30 June 2020. In addition, because this tax break is applied to each individual asset, businesses can instantly write-off multiple assets worth up to $150,000 each, during this period.
How To Get Your New Truck Body
You need to be quick because from 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be reduced from $150,000 back down to $1,000.
With the deadline fast approaching on 30 June 2020, if you are thinking about purchasing a new truck body or upgrading your existing one, it is time to book your project in now. Here are some steps to follow to make sure you get the most out of this government tax break:
Get in touch with your accountant and check to make sure your business is eligible and qualifies for the Instant Asset Write-Off (IAWO).
Get in touch with us through any of the methods below to get a quote for your truck body project and to book and confirm your job.
Once the job is done, be sure to let your mates know that you have one of the best quality truck bodies available today.
That’s it! Happy days…
Remember, we design, build and fabricate tipper bodies, truck trays, truck trailers, wheelbase modifications, and all types of custom jobs. All of our products are built right here in Doveton Melbourne, by local technicians, using materials made in-house with our specialised machinery, and certified by our expert in-house engineer.
Get in touch with us to book your project in.