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Take Advantage of the Australian Instant Asset Write-Off before December 2020

Recent changes to IAWO rules by the Australian Government have been made to support businesses and stimulate the economy. The offer entitles you to claim up to $150,000 on asset purchases and broadens the eligibility criteria to include businesses with <$500MIL in turnover.

How does this benefit my business?

The IAWO allows businesses in Australia that are eligible to claim 100% of their asset purchases instantly (up to $150,000) instead of depreciating them over many years. This means businesses can enjoy immediate tax relief this financial year.

What has changed?

  1. The threshold has been increased from $30,000 to $150,000.
  2. Eligibility has been widened to include businesses with turnover of less than AU$500 million (up from AU$50 million).

These rule changes are only temporary, as part of the Australian Government’s COVID-19 business stimulus package. Originally planned to only apply to new or second-hand assets first used or installed between March 12 and June 30, the rule changes have since been extended to apply to purchases made up until December 2020.

Are assets bought on finance included?

Assets purchased under our hire purchase agreements, like our Own Me plan, would be included and operating leases like BOOST may qualify. However, rental agreements are not covered by these incentives.

How do I take advantage of this?

  1. Talk to a SKOPE stockist in your area about the SKOPE, Irinox, or ITV Ice Maker product that meets your needs.
  2. Decide if you want to pay in cash or via an Own Me agreement with SKOPE Funding. If you opt for SKOPE Funding, take the quote from your stockist and apply for funding online. SKOPE Funding will then be in touch to complete the purchase and arrange delivery.
  3. After delivery and installation of the assets, use your tax invoice or Own Me agreement to claim 100% of the Asset value (up to $150,000).

Don’t forget you may also be eligible to claim energy rebates on our SKOPE Refrigeration on top of this.

We recommend you seek advice from your accountant or professional tax advisor before purchase or financing.

See also: Using the New Zealand COVID-19 Business Continuity Package Low Value Asset Write-Off for Refrigeration