Government Economic Stimulus Package
in response to Corona Virus delivers support for

BUSINESS INVESTMENT

Available to customers RIGHT NOW
with an annual turnover of less than $500M

$150,000 Instant Asset Write Off

  • Applies to any eligible assets purchased. Including trucks, trailers, bodies, etc (as long as invoiced separately and the GST exclusive amount per asset is less than the $150k threshold)
  • The cost of each truck can be used to reduce a company’s taxable income by the amount paid (GST exclusive) for the truck
  • Trucks must be invoiced and paid for by June 30 2020
  • Companies can purchase applicable trucks with cash or by using a chattel mortgage (operating lease or finance lease would not give ownership as required under this incentive)
  • Trucks can be new or used
  • There is no limit on how many trucks are purchased. The $150k limit is on each truck but multiple trucks could be purchased as long as they are all individually less than $150k Customers need to act fast. Trucks need to be delivered and paid for by June 30 2020

15 Month Investment Incentive

  • Applies to any eligible assets. Including trucks, trailers, and bodies
  • There is no upper limit on the cost of the trucks under this incentive and there is no limit on the number of trucks purchased
  • 50% of the purchase price can be used as an immediate tax deduction with existing depreciation rules applying to the balance of the trucks cost base
  • NEW assets only (not used assets)
  • Companies can purchase applicable trucks with cash or by using a chattel mortgage (operating lease or finance lease would not give ownership as required under this incentive)
  • This incentive can be used in conjunction with the instant asset write off above if customers buys some trucks for less than $150k and some trucks for more than $150k
  • This incentive runs from NOW until June 30 2021 which is an additional 12 months after the $150k instant asset write off

Disclaimer: All information is general in nature and is not advice. Customers should be referred to their accountant or tax advisor and consider their individual circumstances before making a final purchase decision.

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