In case you missed it, there’ve been new developments to the Instant Asset Write-Off with the biggest news affecting small commercial operators! From 2 April 2019, the threshold was raised from $25,000 to $30,000 which means that the entire Bushranger range is eligible for immediate deduction! The threshold has changed over the last few years and during the current year as shown in the table below.
Whether the threshold is GST exclusive or inclusive will depend on your GST status. For more information on this, refer to this page on the official ATO website.
Other updates include the recent revision of eligibility for the Instant Asset Write-Off which was previously open only to small businesses with an aggregated turnover of under $10mil. With the latest revisions, this offer now applies to businesses with an aggregated turnover of less than $50mil for the 18/19 financial year and up till the 19/20 financial year!
So what does this all really mean for you and your business? Well for starters, if you have a tax bill that you’d like to reduce, then you can get genuine savings on equipment using this incentive. Eligible businesses can claim an immediate deduction for new and second-hand equipment they purchase, where the cost is under $33,000 inc. GST for each piece of equipment and if you purchase it this month, you could claim it back at the end of the 18/19 FY! This depreciation deduction also depends on how much you use your gear for work and for personal purposes in the form of a percentage so do keep that in mind.
If applicable at your local dealer, this offer also extends to second-hand Bushranger Power Equipment, so long as the purchase price of the asset is under the $30,000 ex. GST threshold.
Coupled with our 30 Months-Interest Free* offer, there really is no better time to grab a shedload of gear! Learn more about this offer or drop into a participating dealer to talk about your financing options!
For more information, visit the official ATO website. Your eligibility and potential benefits may vary depending on your personal circumstances so we always recommend seeking professional advice. The information provided here is of a general nature and you should not act without obtaining specific professional advice.