Asset Write-Off Increased to $30,000 - Platform Finance

Asset Write-Off Increased to $30,000

It’s the perfect time to talk to your commercial clients and highlight the potential benefits that are available this EOFY.

The Asset Write-Off threshold has increased from $20,000 to $30,000, so there’s never been a better time for owners to invest in their business.

The Federal Government made improvements to the Asset Write-Off initiative in April and it now consists of three tiers with an expanded eligibility for larger businesses.

 

Here is a high level breakdown:

The scheme was previously reserved for smaller businesses turning over less than $10 million a year but has been widened to include those turning over less than $50 million per year. Eligible businesses will be able to claim the write-off every time they purchase an asset under the applicable threshold cap.

 

What do the changes mean for your customers?

It’s pretty simple – if they buy an eligible asset under tier 1, 2 or 3, they can immediately write the purchase off on tax (customers should always seek independent financial advice on the above). So, whether your customers need a car, ute or equipment for their business, from now until June 30 is a great time to buy.

 

Speak to the Asset Finance broker support team on 1300 730 856 for more information today.

Related Articles

Platform Finance at the forefront to navigate 2021 with BID

Platform Finance is ready for the start of Best Interest Duty (BID) on January 1, 2021...

Read More

Platform Finance – Aggregator of the Year Award Winner

Platform Finance is excited to announce that our aggregator network, including COG Financial Services Limited and...

Read More

November 2020 – the first month of positive new car sales in over 2-years

The Federal Chamber of Automotive Industries (FCAI) have reported November sales figures for new vehicles in...

Read More

Our Partners: