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.
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.
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.
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.
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.