$20K Small Business Tax Break End In Sight
Can you believe it’s been two years since the government announced the ‘Instant Asset Write-off” incentive in 2015?
To recap, the incentive runs as follows:
Any small business (turnover <$2m) buying an asset under $20,000, is eligible to write off 100% of the value immediately rather than claim depreciation over the following years. This was (and still is) an unprecedented scheme in terms of its generosity for small business (the previous instant asset write off threshold was just $1,000) and $1.75 billion was set aside in the 2015 budget to cover the incentive.
However, all good things come to an end and this 2-year incentive we be no longer from 30th June 2017.
What this means is that, if you are a small business, and there’s any sort of asset purchase you’re considering under this threshold, then act NOW to save yourself literally thousands of dollars compared to a post 30 June purchase.
Naturally, our interest and expertise is in cars and these days there are hundreds of models of vehicles that fit under this threshold. We would love to help any reader with such a purchase but above all, whether you buy through Private Fleet or directly from a dealer, we urge you to act now! Do not leave it too late. The purchase must be finalised before 30th June (paid for and delivered) and, with long waiting times for many models, it would be easier than you think to miss out.
I remember several years ago when another related incentive was offered and the dozens of disappointed potential buyers we spoke to who had left their run too late. Order today for delivery mid June, if you like but get your name on the list! Good luck!