Good news for truck owners looking to claim the $150,000 Instant Asset Write Off who have struggled to book in their truck body projects to be delivered before 30 June 2020. The deadline has now been extended to 31 December 2020.
After increasing the Instant Asset Write Off to from $30,000 to $150,000 in response to COVID-19 on 12 March 2020, the Federal Government has now extended the deadline for making claims from 1 July 2020 to 31 December 2020.
In case you didn’t know:
On 12 March 2020, the Government released an economic stimulus package in response to COVID-19, which included changes to the instant asset write off scheme. The Instant Asset Write-Off (IAWO) threshold was increased from $30,000 to $150,000 for businesses with an aggregated annual turnover of less than $500 million, until 30 June 2020. The Instant Asset Write Off applies to new or second-hand assets first used or installed ready for use between 12 March 2020 and 30 June 2020. It is also applies on a ‘per asset basis’, which means that eligible businesses can write-off multiple assets immediately, providing cash flow benefits and tax savings.
On 9 June 2020, the Federal Treasurer announced that the Instant Asset Write Off scheme would now be extended to 31 December 2020. All of the other conditions around the IAWO remain unchanged. From 1 January 2021 the asset threshold will revert to $1,000 the write-off only apply to small businesses with an aggregated turnover of less than $10 million.
Truck owners and companies that have struggled to book in their truck bodies for delivery and first use before 30 June will be pretty happy about this extended deadline.
But you still need to be quick. The new deadline of 31 December 2020 is still just over six months away, meaning businesses need to act now to book in their truck body projects, have them completed, and ready for first use by 31 December 2020.
If you need to speak to us about your truck body project or book your project in, please get in touch with us.
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