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Take advantage of the $150K asset write-off

June 22, 2020

UPDATE: The IAWO cut-off has been extended by six months to 31 December, 2020, by the Federal Government to help businesses and sole-traders help improve cash flow.

If you’re self-employed, do not miss your opportunity while the IAWO threshold has been temporarily lifted to $150,000 (previously $30,000). Assets can be new or second-hand, and must be acquired prior to 31 Dec 2020.

If you’ve been thinking of buying a new work car, IT equipment, or other business equipment, now is the perfect time!

Why now?

• Increase in asset write-off threshold to $150,000

• Lowest ever interest rates

• Reduce the amount of tax you pay

Eligibility

• Small to medium sized enterprises with annual turnover of up to $500 million

• Businesses have until 31 Dec 2020 to take advantage

• Cost of assets under the $150K threshold

• Businesses claim a tax deduction for the business portion of the expense in the first year the asset is used

How to take advantage

Legal Home Loans offer a complimentary car sourcing and asset finance service. We source the vehicle on your behalf, negotiate price, value your trade-in, coordinate insurance, and deliver your new vehicle right to your door. Take advantage of the IAWO without any hassle or effort.

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