Take advantage of new tax breaks for small businesses.
Did you know that the federal government increased the amount for Instant Asset Write Off to $150,000 for purchases made by 31 December 2020?
The Federal Government has announced a new Economic Stimulus Package increasing the instant asset write-off (IAWO) threshold from $30,000 to $150,000 and expanding access to include all businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 31 December 2020.
This is applicable on any eligible new or pre-owned car or van with a purchase price of $150,000 (excluding GST) or less acquired from March 12 2020 – 31 December 2020. We encourage all customers to seek their own financial advice before making vehicle purchase.
Find out more about the Government’s new Economic Stimulus Package by downloading the fact sheet below, visiting treasury.gov.au or contacting our team on 9351 3888.