In an effort to facilitate economic recovery post-COVID, the Australian Government has introduced new tax incentives known as instant asset write-offs.
From 6 October 2020 until 30 June 2022, businesses with an aggregated turnover of less than $500 million can claim an immediate deduction for the business portion of the cost of an asset. The threshold amount for each asset is $150,000 and can be used across multiple assets, if the cost of each individual asset is less than $150,000.
This incentive has been kindest to those hit hardest by the economic downturn, with a package for small businesses (with an aggregated turnover under AUD$10 million) being allowed to immediately deduct the entire closing balance of the general small business pool, if the balance at year-end (ignoring current year depreciation deductions) is below the instant asset write-off threshold.
Sullair Australia customers large and small have been signing up for the CapEx tax break after a particularly difficult year in 2020.
“Products from our whole portfolio, from oil-free to oil-injected to custom setups and spare parts have been purchased by our customers with help of the scheme – the end of the financial year is a great time to invest in your compressed air solutions.”, says Nick Shepherd, Marketing & Sales Manager for Sullair Australia.
If you are interested in how you can learn more about using your instant asset write-off with Sullair, contact us today or browse our extensive product offerings. Whether it’s portables, oil-free, electric or diesel, Sullair Australia’s compressed air equipment has been built to last and expertly adapted for Australia’s conditions.
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