COVID-19 Government Stimulus Package Explained with Kochie
April 21, 2020
Kochie explains the key points of the Australian Government Economic Stimulus Package.
Including the Instant Asses Write – Off Threshold.
What is included in the Stimulus Package?
1. Instant Asset Write-Off – Immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 30 June 2020.
2. Backing Business Investment – Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value.
However, current Australian taxation legislation provides that the depreciation limit for a motor vehicle defined as a car* is up to $57,581.
Vehicles above 1 tonne carrying capacity such as our HiLux 4×4 Single-Cab Cab-Chassis, may be eligible for a 100% write-off up to $150,000.