Car-O-Liner Australia reminds repairers of the opportunity to take advantage of the Australian federal government’s program incentivising the purchase of new capital equipment.
The government has increased the threshold amount for each asset from $30,000 to $150,000 on capital equipment purchases acquired from 12 March to 30 June 2020, for small businesses with a turnover of less than $10 million.
Instant asset write-off can be used for both new and second-hand assets, although some exclusions and limits apply. The instant asset write-off eligibility criteria and thresholds change over time, so business owners are encouraged to check their eligibility and apply the correct threshold amount.
Ordinarily, businesses would only claim a percentage of equipment purchases through depreciation, however this incentive allows businesses to claim a full deduction immediately, for any equipment purchased and installed prior to the end of the financial year.
Of course, anyone looking to take advantage of the government’s instant asset write-off program should consult their accountant to ensure that they meet the necessary criteria.
Car-O-Liner is a global leader in measuring systems, workshop solutions, alignment and straightening equipment, joining and heating equipment and testing and calibration equipment. They would once again like to thank their clients for their ongoing support during these challenging times and look forward to continuing to provide excellent service from their highly experienced and dedicated team of technicians.
For more information about the Car-O-Liner range of products visit, https://www.car-o-liner.com.au/ or call Car-O-Liner Australia on (02) 4271 6287.