Take advantage of the $150K asset write-off
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.
#endoffinancialyear #selfemployed #soletraders #taxtime #taxtimeprep #instantassetwriteoff #assetwriteoff #carsourcing
