Changes to the instant asset write-off law
As a response to the uncertain economic environment surrounding the COVID-19 (Coronavirus) pandemic, the Australian Government last week announced a stimulus package to help contain the economic effects of a crisis to this scale. This included a $17.1 billion investment in total to Australians.
One of the specific changes the Australian Government has made to their key economic policy is a change to instant tax write-off law. The Government has increased the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020. This write-off encompasses motor vehicles among many other deductible items.
In 2017-18 there were more than 360,000 businesses that benefited from the current instant asset write-off, claiming deductions to the value of over $4 billion.
For further information about the changes in instant asset write-off and the Australian Government's economic responses to the COVID-19 pandemic find below a link to the overview of these economic responses located on the Treasury's website and ensure that you consult your financial advisor or taxation accountant about what these changes mean.
You'll also find a contact us link below for further enquiries about any of the motor vehicles or brands that Trinity Auto Group represents.
On a further note, the health and well being of the customers, employees and partners of Trinity Auto Group is of paramount concern to us during the global COVID-19 outbreak. As such, we thought it necessary to assure you that we are taking the necessary and recommended steps by the Australian Government to help contain the virus and minimise the risk of exposure.
This includes an update in our health and hygiene policy, a mandatory isolation period for any employee that has returned from overseas travel in the past week and a half and an increase in cleaning frequency. We are also closely monitoring the Australian Government advice regarding our response to the COVID-19 pandemic.
We sincerely wish all of our loyal customers good health and safety.
The team at Trinity Auto Group.