As part of the current stimulus package to help businesses, the Morrison Government has announced that the threshold for instant asset write-off within eligible criteria in Australia has been raised from $30,000 to $150,000. Below is the statement of the increase:
$700 million to increase the instant asset write off threshold from $30,000 to $150,000 and expand access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. For example, assets that may be able to be immediately written off are a concrete tank for a builder, a tractor for a farming business, and a truck for a delivery business. (Source: https://www.pm.gov.au/media/economic-stimulus-package)
The new threshold covers Macro Welds entire product range across many different industries. If you were thinking about buying that piece of equipment, now you can reap the benefits with the stimulus package on offer before June 30, 2020.
Check if you meet the criteria and contact Macro Weld today to discuss how we can help your business. To learn more click the link below from the media release on March 12,m 2020.