Popular instant asset write-off rules have been expanded, with the threshold lifting to $30,000 from $25,000, and business annual turnover from $10,000,000 to $50,000,000.
The instant asset write-off is subject to various eligibility criteria and GST status.
In short, the instant asset write-off allows you to purchase a new asset for your business and write-off the entire purchase price in the same financial year.
This benefit only applies to assets you have purchased, which precludes any assets acquired using traditional commercial finance solutions such as Rental or Finance Lease.
However, 3E’s new Instalment Purchase Agreement will allow you to purchase that new asset, take advantage of the Instant Asset Write-off benefit and still pay for your new asset via fixed payments over a pre-determined term.
As always, please speak to your tax advisor to understand how the Instant Asset Write-off applies to your business.
Talk to one of our team now about taking advantage of the Instant Asset Write-off and our Instalment Purchase Agreement or fill out the form below and we will be in contact to discuss your requirements.