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Last chance for $150,000 instant asset write-off this financial year

Tim Russell | June 26, 2020

Keen to buy a vehicle or another asset for your business and immediately write off the cost? You've got a few days left to take advantage of the $150,000 instant asset write-off for this financial year.


While the Federal government recently extended the scheme to 31 December 2020, those keen to claim the deductions sooner rather than later will want to beat the June 30 EOFY deadline.


What’s this $150,000 instant asset write-off scheme you speak of?


A few months back the federal government increased the instant asset write-off threshold from $30,000 to a whopping $150,000 as part of its Coronavirus economic stimulus package.


Under the scheme, businesses with an annual turnover of up to $500 million can immediately write off the cost of assets such as vehicles, tools, equipment and – thanks to the recent $150,000 threshold increase – heavy vehicles, tractors and machinery.


Basically the scheme allows you to immediately claim all the tax deductions you would have claimed over the life of the asset.


This can help with your cash flow, as getting the cash back sooner means you can re-inject it straight back into other parts of your business.


Why the hurry?


As mentioned above, the end-of-financial-year is fast approaching.


The good news is that even if you get the ball rolling on it now, and still miss the deadline by a day or two, you’ll have peace of mind knowing that you’ll qualify next financial year under the 31 December deadline.


So if you’d like help obtaining finance for an asset then please get in touch – we can run you through more details of the scheme and present you with financing options that are well suited to your business’s needs now, and into the future.


 Kind regards,


Tim Russell


 

About Me

Tim Russell

Current Rating: 4.92 / 5
Mortgage Broker
Multipart Finance
www.multipartfinance.com.au
North Sydney, New South Wales
0400530868
► Who is Multipart Finance?
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Put Simply, We assist those who want to grow their wealth through property investment.

When it comes to being a wealth creator, our experience is that those that do, like to push the boundaries. And when you push the boundaries, there is generally a finance hurdle that needs to be overcome.

Our offering specialises in identifying that hurdle and solving it for our clients in the quickest and most stress free way possible.

► How we help can help you
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In this tough regulatory environment, what we have seen is an emergence of smaller funders who can do things that the big 4 can't. Whilst we still deal with the major banks on a daily basis, we have also aligned ourselves with lenders who have a niche offering we know the majors can't solve.

Bottom line, we'll either get you the best finance solution or we'll tell you why now's not the right time and provide a game plan for you on what you need to do in order to achieve your goal.

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Call: ✆ (0400) 530 868
Email: ✉ tim@multipartfinance.com.au
Visit: ☛ https://multipartfinance.com.au