$150k Instant Asset Write Off Extended to 31 Dec 2020

Share on facebook
Share on email
Share on linkedin
Share on twitter

Get The Latest News

Good News for Truck Owners

Good news for truck owners looking to claim the $150,000 Instant Asset Write Off who have struggled to book in their truck body projects to be delivered before 30 June 2020. The deadline has now been extended to 31 December 2020.

After increasing the Instant Asset Write Off to from $30,000 to $150,000 in response to COVID-19 on 12 March 2020, the Federal Government has now extended the deadline for making claims from 1 July 2020 to 31 December 2020.

What is the Instant Asset Write Off?

In case you didn’t know:

On 12 March 2020, the Government released an economic stimulus package in response to COVID-19, which included changes to the instant asset write off scheme. The Instant Asset Write-Off (IAWO) threshold was increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million, until 30 June 2020. The Instant Asset Write Off applies to new or second-hand assets first used or installed ready for use between 12 March 2020 and 30 June 2020. It is also applies on a ‘per asset basis’, which means that eligible businesses can write-off multiple assets immediately, providing cash flow benefits and tax savings.

On 9 June 2020, the Federal Treasurer announced that the Instant Asset Write Off scheme would now be extended to 31 December 2020. All of the other conditions around the IAWO remain unchanged. From 1 January 2021 the asset threshold will revert to $1,000 the write-off only apply to small businesses with an aggregated turnover of less than $10 million.

More Time To Purchase Your Truck Body

Truck owners and companies that have struggled to book in their truck bodies for delivery and first use before 30 June will be pretty happy about this extended deadline.

But you still need to be quick. The new deadline of 31 December 2020 is still just over six months away, meaning businesses need to act now to book in their truck body projects, have them completed, and ready for first use by 31 December 2020.

If you need to speak to us about your truck body project or book your project in, please get in touch with us.

The AA Diesel Truck Bodies Difference

Premium Workmanship

Our expert technicians only use superior materials, made in-house at our Melbourne based workshop.

Reliable Turnaround

We get you back on the road quickly by delivering every truck body on time, to minimise disruption.

Exceptional Service

We work closely with our clients to at every step of the process, giving you full control at all times.

Get A Free Quote

Get in touch with us today to get a free quote for your truck body project.

Recent Jobs

Kenworth truck with tipping tray truck body
Custom Truck Builds

KW Custom Tipper Body with High Sides

In April, we delivered a variety of truck bodies across Victoria and interstate, as clients rush to get their orders in before end of financial year to take advantage of government incentives. One of our more specialised projects for the month included a Kenworth custom wheelbase modification for Besimi Bros.  

UD truck with tipping tray truck body
Tipper Truck

Custom UD Split Tipping Tray

Coming up to end of financial year, April was a very busy month here at AA Diesel Truck Bodies, as we went about finishing off a variety of tippers, trays and trailers. One of our favourite jobs for the month was a Custom UD Split Tipping Tray for one of our hardware and building supplies clients. The team was really excited to get to work on this truck body project and have it ready for our client, so they can get back on the road as soon as possible.

Scroll to Top