In response to the Covid19 pandemic, the Australian Government introduced a number of stimulus packages to assist businesses during this tough time. One such announcement was a change to the Instant Asset Write Off scheme whereby small businesses (with a turnover less than $500mil) will be entitled to an immediate tax deduction for all work related assets purchased between now and June 30 2020. Rather than the depreciation being spread out over 8 – 10 years, a deduction can be claimed for the full amount this financial year.
If you were looking to purchase business assets such as a new work vehicle, tools or machinery, now is the time to start arranging your finance and Kaboodle Finance is here to help you.
Contact us on 0414 845 571 if you would like to learn more or start arranging your finance today!