The Federal Government has recently passed legislation to increase the instant asset write off threshold from $20,000 to $30,000 for Australian small businesses eligible under the 'Instant Asset Write Off Scheme', meaning now is a perfect time for Australian small businesses to realise instant tax savings prior to the end of the financial year.
The scheme applies to assets valued up to $30,000 that are purchased and installed by Australia small to medium sized businesses in the same financial year. Eligible assets now include new or second-hand vehicles, plant and equipment, tools and IT equipment, and there is no limit to the number of assets the deduction can be claimed for.
This is a valuable opportunity for small to medium sized businesses to unlock the tax benefits of the instant asset write off
If the asset is for both business and personal use, small businesses can only claim a deduction on the percentage of the asset used for business purposes.
Recent research by American Express shows that almost half of all Australian small businesses are unaware of this scheme, coupled with the fact that this is the first time the instant asset write-off has been available for medium sized businesses with an annual turnover of between $10 million and $50 million.
Partners Wealth Group has access to a large suite of financiers on our vehicle and equipment lender panel that offer our clients the opportunity for small to medium size clients to finance eligible assets under the Federal Government Instant Write Off scheme up to $35,000.
In some instances where the business has been trading for longer than 12 months and is ABN and GST registered, we can arrange the finance for a new vehicle or equipment finance purchase with no financial statements required.
We also have access to asset finance products that can be used to finance certain equipment, which could assist small businesses reduce their operational and energy expenses.
Energy saving assets, such as solar panels, LED lighting, battery storage and electricity metering systems are popular ways to assist small businesses with the potential to reduce their energy demands off the grid.
For small businesses who are looking to update their equipment or grow their operations, speak to Partners Wealth Group about our range of no financials asset finance products for eligible vehicle or equipment assets up to $100,000 (subject to credit criteria), or for those wanting to finance eligible vehicle, agricultural, plant and energy assets.
At Partners Wealth Group we’ll navigate the market to find the right finance solution at the most competitive interest rate, tailored to the small business's specific needs.
Contact Partners Wealth Group today on 1800 333 143 to see how we can help purchase a new car or piece of equipment for the business to take advantage of the Federal Government Instant Asset Write Off Scheme before 30 June 2019.