The Governments Instant Tax Write-off changes explained
We break down what it all means for you...
As you may be aware, the Australian Government has announced a new Economic Stimulus Package for businesses to assist with the purchase of assets.
1. INSTANT ASSET WRITE OFF
Immediate tax write-off of a new or second hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 30 June 2020.
2.BACKING BUSINESS INVESTMENT
Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value
What does an "Instant Asset Write-Off actually mean?
As a business owner, you can potentially take advantage of this scheme to upgrade your equipment by immediately writing off depreciable assets that cost less than $150,000.This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.
Here at TruBlu, we are also offering some incentives to purchase a machine before June 30. For new quotes, we are offering:
10% off all machine pricing
Free Delivery within Australia
Extra Soap and Marketing inclusions
*It is important to note that this communication should not be used as tax advice. You should first speak with your accountant to see how this stimulus package applies to your business.
DIY Dog washes across the board have still been open for business and as people look for more localised, family based activities- the number of washes per machine is steady or in some cases increased.
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