Reminder EOFY Instant Asset Write-Off
The Federal Government, as part of its COVID-19 stimulus, has increased the Instant Asset Write-off threshold to $150,000 (up from $30,000) for qualifying businesses.
The Government has expanded eligibility to businesses with an aggregated annual turnover of less than $500 million (up from $50 million). At this stage this applies to all assets installed ready to use until 30 June 2020.
WHAT DOES THIS MEAN
For any business that qualifies you can:
1. Immediately write-off the cost of an asset that costs less than the threshold.
2. Claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
WE CAN HELP
If your customer would like to access this stimulus but do not want their cashflow affected they can finance it via a Chattel Mortgage, and SER can facilitate this for you.
Please note that this information is general in nature, does not take into account individual or organisational circumstances, all customers should seek their own accountants’ advice regarding eligibility and suitability for their business.
General Manager, S.E. Rentals
S.E. Rentals are the finance as a service specialists that will help you grow your business by providing finance solutions in an 'all things technology' future. We provide you with the flexibility, scalability and agility to help you achieve your Managed Service objectives, and our unique in-house software platform, Finance Oxygen, automates the process for you