Asset Write-Off Increased to $30,000

Asset Write-Off, COG Aggregation

It’s the perfect time to talk to your commercial clients and highlight the potential benefits that are available this EOFY.

The Asset Write-Off threshold has increased from $20,000 to $30,000, so there’s never been a better time for owners to invest in their business.

The Federal Government made improvements to the Asset Write-Off initiative in April and it now consists of three tiers with an expanded eligibility for larger businesses.

Here is a high level breakdown:

The scheme was previously reserved for smaller businesses turning over less than $10 million a year but has been widened to include those turning over less than $50 million per year. Eligible businesses will be able to claim the write-off every time they purchase an asset under the applicable threshold cap.

What do the changes mean for your customers?

It’s pretty simple – if they buy an eligible asset under tier 1, 2 or 3, they can immediately write the purchase off on tax (customers should always seek independent financial advice on the above). So, whether your customers need a car, ute or equipment for their business, from now until June 30 is a great time to buy.

Speak to the Asset Finance broker support team on 1300 730 856 for more information today.