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Instant Asset Write-Off 2020
If you’re a small to medium business purchasing capital equipment up to $150k from now until 30 June 2020 you can qualify for the Instant Asset Write-off under the new CoVid-19 Stimulus Bill.
This includes Lorentz Solar Pump Products and accessories. If you are looking to upgrade or expand your Solar Pumping assets now might be the time to start putting the process in motion.
Under instant asset write-off eligible businesses can:
- immediately write off the cost of each asset that costs less than the threshold
- claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
What does this mean for you?
From 12 March 2020 until 30 June 2020 the instant asset write-off:
- threshold amount for each asset is $150,000 (up from $30,000)
- the instant asset write-off can be used for new assets such as Lorentz Solar Pumps. Some exclusions and limits apply.
Lorentz Australia is here to help you and support your business over time.
Want to know more?
Check out the ATO Website for more details on the increased asset write-off or