As part of the Australian government’s measures to support businesses to withstand and recover from the economic impact of COVID-19, the current instant asset write-off scheme has been further increased to $150,000+GST (from 12 March 2020 until 30th June 2020).
100% instant asset write-off applies to an asset with individual purchase price of less than $150,000 excluding GST (increased from $30,000). The scheme has been drastically expanded to include ABN registered businesses with a turnover from $10 million to less than $500 million (up from $50 million). Asset must be delivered to customer prior to 30 June 2020, and must be installed and ready to use by 30 June 2020. Tax write-off occurs in the current financial year ending 30 June 2020.
Businesses can claim an immediate deduction (business portion only) for multiple assets, new or second-hand, provided each asset costs less than $150,000, purchased and first used or installed ready for use from 12 March 2020. (Different eligibility criteria and thresholds apply to assets purchased and used, or installed ready for use, prior to 12 March 2020.
Not sure which Razorback Mower to add to your fleet, or get for your backyard? Why not book a free test drive and try them out on your property!
Note: we recommend you consult your accountant before making any decisions based on the above information.