The Instant Asset Write-Off (IAWO) has been increased to $150,000
Instant Asset Write-Off (IAWO)
The Australian Government has recently announced a number of economic stimulus packages to assist businesses in navigating through the COVID-19 pandemic. One stimulus package includes an increase of the Instant Asset Write-Off (IAWO) threshold to $150K, up from $30k in the existing package. Eligibility has also been expanded to cover ABN registered businesses with a turnover of less than $500 million, up from $50 million as previously set. This new stimulus package is now active until the 31st of December, 2020.
The new IAWO package would allow businesses to purchase a new or used machine or multiple machines to a total sum of under $150K (ex. GST), on the condition that the machine/s must be delivered prior to December 31st 2020. Machine attachments can also be eligible for the IAWO including new buckets, hammers, grabs etc. All machine purchases under $150K (ex. GST) which were made from the 12th of March, 2020 till 31st of December, 2020 will be eligible.
To enquire about how your business can upgrade to a new or used Hitachi machine and take full advantage of this generous Government stimulus package, visit: hcma.com.au/150k-instant-asset-write-off.
For further information on this Australian Government stimulus package please visit the Australian Taxation Office website: www.ato.gov.au.