The expanded asset write-off scheme announced in the budget is set to be a game changer in driving value from investing in plant and equipment.
When investing in equipment after the 6th of October and before the 30th of June 2022, eligible businesses will be able to:
- Write off the full cost of new eligible depreciating assets of any value.
- Claim the full cost of improvements to existing assets.
- Instantly deduct the full cost of second-hand assets (must be purchased before 31st December 2020).
- Deduct the balance of the simplified depreciation pool at the end of the income year.
How Linx Can Help You
Despite the benefits of investing, many businesses will have difficulty securing funding due to highly disrupted lenders.
We are proud to have helped our customers overcome COVID-19 disruption. Since April 2020, we have helped to invest more than $165 million for additional plant and equipment, including:
- Assets ranging from IT equipment through to prime movers.
- Assets aged from new through to as old as 30 years.
- Working with businesses ranging from new start-ups to large corporates, operating across all industries.
At Linx, we have kept our full staff roster on, enabling us to continue delivering quickly and efficiently. We will continue to be here for our customers and get the job done.
Always talk to your accountant/tax advisor about what the enhanced allowances mean for you.
Stay up to date with updates and developments on the ATO website.
Find out more at https://budget.gov.au/2020-21/content/covid-19.htm#eleven