ANNOUNCING: Government Stimulus Package - How can you take advantage?
Posted Mar 12, 2020
"The Morrison Government has today announced a $17.6 billion economic plan."1
How can this package help your farm business?
Instant Asset Writeoff
The Government has set aside "$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."1
This means that large assets and infrastructure can now be instantly written off including large folding or rigid equipment like Offset Discs, Farm Trailers like the Dooley Bale Trailer & Flat Trailer and Maschio Equipment like Rotary Hoes, Power Harrows, Mulchers and Speed Tillers, in addition, the Maschio Gaspardo Gigante Seed Drill will also be eligible under the new rules.
If your asset is under $150 000 and you meet the conditions then you should be eligible to write off your asset in this financial year (2019-20).
From now until the 30th of June is an excellent time to invest in equipment that will meet the guidelines and assist in your business.
More information on the Governments package including other offers can be found here Prime Minister Media Announcement - Government Stimulus Package.
More information on the Instant Asset Write Off offer can be found here ATO Instant Asset Write Off Rules.
A government fact sheet with examples can be found here Fact Sheet.
Questions? We would love to hear from you!
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Credit: Notation 1 credited to https://www.pm.gov.au/media/economic-stimulus-package