The Australian Taxation Office has made changes to the instant asset write-off for businesses. The instant asset write-off threshold has increased to $30,000 for each asset from 7.30pm (AEDT) 2 April 2019 and the write-off period extended to 30 June 2020.
As a result of these changes, Hitachi Construction Machinery Australia (HCA) is giving customers the opportunity to take advantage of this tax incentive before the end of the financial year by offering our new ZX17U-5 excavators for the price of $29,950* (ex GST).
This promotion includes 300mm General Purpose Bucket, Grease Gun with Cartridge, Hydraulic Oil, LED Rotating Magnetic Beacon, Probe kit, Risk Assessment, SWL Decals, and First Service, not just a base machine. This offer cannot be used in conjunction with any other offers and will end after the 30th of June 2019.
If you are a small business (with a turnover of less than $10 million), you can immediately deduct the business portion of most assets that each cost less than $30,000 (the instant asset write-off threshold) if they are first used or installed ready for use from 7.30pm (AEDT) 2 April 2019 to 30 June 2020.
However, if the asset was first used or installed ready for use from 29 January 2019 until 7.30pm (AEDT) 2 April 2019 you can still immediately deduct the business portion of most assets costing less than $25,000 each. Before 29 January 2019, the relevant threshold is $20,000.
Businesses with a turnover from $10 million to less than $50 million may now be eligible for the instant asset write-off for assets purchased for less than $30,000 each from 7.30pm (AEDT) 2 April 2019 to 30 June 2020. For assets purchased for $30,000 or more, the general depreciation rules must be used.