DEADLINE EXTENDED | Instant Asset Write-Off

instant asset write off

By Phil Ringuet

Good news for businesses looking to invest in equipment and motor vehicles – the Federal Government has announced that the $150,000 instant asset write-off scheme has been extended until the end of 2020.

The extension will cost $300 million and is expected to help about 3.5 million businesses.

Vincents Lending Solutions provides finance for motor vehicles and equipment by providing;

  • Market-leading rates – access to over 35+ asset finance providers
  • Access to express and streamlined policies – no financials required for eligible applicants
  • Rollover and replacement policies – no financials required to replace existing assets or accounts which have been closed in the last 6 months with a recognised lender
  • Balloon refinancing – no financials required for commercial clients refinancing selected assets with an expiring balloon/residual or a current asset finance contract with less than 12 months remaining.

For more information please see our original article below and speak to our Lending Solutions team today:

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In response to the Economic Impacts of COVID-19, the Federal Government has introduced an incentive package that encourages businesses to invest in equipment and motor vehicles.

The package will allow eligible businesses to invest in vehicles and equipment whilst receiving a one-off tax deduction on individual assets that are acquired, first used, or installed before 30th June 2020.

At a glance

  • Available on new and used assets with a value < $150,000
  • Assets must be used and or installed prior to June 30, 2020
  • For investments of $150,000 or more, businesses can deduct 50% of the asset cost in the first financial year of service providing it is installed before June 30, 2021
  • You may be able to finance under a chattel mortgage agreement and still claim the benefits of the instant asset write-off this financial year

Types of equipment which may qualify

  • Motor vehicles
  • Industrial plant & equipment – lathes, presses, etc
  • Earthmoving equipment
  • Forklifts
  • Boom lifts/scissor lifts
  • Medical equipment
  • Tractors and agricultural equipment
  • Trucks and trailers
  • Energy-efficient equipment

Need more help?

Vincents Lending Solutions provides finance for motor vehicles and equipment by providing;

  • Market-leading rates – access to over 35+ asset finance providers
  • Access to express and streamlined policies – no financials required for eligible applicants
  • Rollover and replacement policies – no financials required to replace existing assets or accounts which have been closed in the last 6 months with a recognised lender
  • Balloon refinancing – no financials required for commercial clients refinancing selected assets with an expiring balloon/residual or a current asset finance contract with less than 12 months remaining.

Want to know more?

At Vincents Lending Solutions our experts simplify the lending landscape, bringing considered solutions directly to you from over 70+ financial institutions.  If you would like to arrange a meeting over the phone or via Skype we are open for business and available to discuss all lending-related matters.

An Important Message

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

 

 

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