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Government announces instant asset-write off increase

There’s no getting around it: times are crazy. We’re in the middle of a pandemic that is affecting everyone on a global level, and also right in our own backyards. As a local business, we are understanding all too well that the impact is bigger than just medical; the financial impact will be what is left in its wake. To help inject life into the economy and ensure that businesses, small and large, will be able to continue business as effectively as possible in these trying times, the government is implementing an increase to the write-off threshold of new and used asset purchases. This is great news for industries such as construction, manufacturing, logistics and development who require high cost equipment and machines to keep processes productive, efficient and safe. So, if you’re requiring a forklift, telehandler or access equipment to purchase, now is the time to do it.

What does the instant asset-write off threshold increase really mean?

This is no small increase. Basically, the asset write-off threshold jumps from $30,000 to $150,000 per asset, while the annual aggregated turnover of up to $50 million is now $500 million until 30 June 2020. This makes a huge difference to purchase capabilities for businesses.

This $120,000 increase means that you can be eligible for a full tax deduction on bigger purchase items if they are purchased, used or installed before the end of this financial year.

With the world in progressive lock-down due to the spread of COVID-19, it’s going to be more important than ever to keep business heads above water and take advantage of economic injection when we can. Particularly if you are or already were in the market for higher priced machinery in order to improve the timeliness and functionality of your project.

How can this improve my business? I’m nervous to make any big purchases right now.

For the most part, being financially conservative is a good move right now. And why this incentive is so timely and worthwhile to take advantage of. The three month timeframe in the lead up to the end of the financial year when the increase ends and you are eligible to recoup the cost of a machine up to $150,000 means that your purchase to increase productivity now is a low-risk option (rather than missing out and capping at $30,000 after the increase’s cut-off period and risking a longer-term loss of efficiency and opportunity).

The benefits of taking advantage of the increase to make your forklift, telehandler or access equipment purchase are:

  • Completing projects in an efficient and productive way, that can allow faster-turnarounds in the event of shut-downs
  • Countering the risks of lowered manpower with machines that offer multi-use functionality
  • Opportunity to purchase quality, high performing and incredibly well-maintained machines (rather than being forced into low-quality, old or ill-maintained discounted machines) ensures the safety of everyone onsite
  • Forklifts, telehandlers and access equipment, with the right maintenance plans in place, can be very long-term purchases that will offer plenty of return on investment for years to come

If you would like to ensure your project or ongoing job is benefited by this short-lived opportunity, contact All Lift Forklift & Access Equipment today to discuss your options and find the best machine to suit your needs.

How to keep your worksite safe from virus contamination

Keeping your worksite or construction site clean over the coming months will be paramount in ensuring your business continues to run smoothly and effectively through this time. 

See you at the Diesel Dirt & Turf Expo!

The All Lift Forklifts & Access Equipment team will be exhibiting at this years Diesel Dirt & Turf Expo! Come along to experience the Magni Telehandler, have a free demo day and look at all of our Telehanlders for sale. 

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Regularly servicing your operations machines can have tremendous benefits both long term and short term for you and your business. 

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