Gator safety rebate
SafeWork NSW is offering two rebates worth up to $1000 each towards the purchase of safer Gator vehicles.
Up to $1000 for each agricultural side-by-side vehicle (SSV/XUV) is available under this rebate scheme. You can take advantage of this offer right now by picking up a new John Deere XUV Gator.
This rebate package is funds limited. This means that once funds are exhausted, the rebates will no longer be available. For more information of claiming your rebate, the NSW Farmers Association has a list of eligible educative interactions. You can also speak to one of the friendly team at Agriquip Machinery.
Instant Asset Write Off
More good news for Australian business. The Australian Taxation Office has made the decision to extend the instant asset write-off, allowing small businesses the immediate deductibility for eligible assets costing less than $30,000 purchased by 30 June. The immediate write off is applicable to small business entities with an aggregated turnover of less than $10 million.
What does the scheme mean?
If your business turns over less than $10 million per year and you make a purchase of an asset for less than $30,000 (excluding GST), whether new or second-hand, before 30 June the asset can be claimed as an expense, rather than slowly depreciating it over a set amount of years. There is also no limit to how many assets you can claim the deduction for.
What kind machinery could you claim?
Assets used for your business which may include tractors, generators, wheel loaders, farming implements, excavators, forklifts. At Agriqiup, most of our products are actually used for business purposes; whether your lifting pallets, digging earth, building trenches, etc.
How does the instant asset write-off work
On 10 April 2019, Barry purchases and starts to use a new tractor for his business valued at $22,000. The following month he purchases and starts to use a mulcher to support his business which costs him $14,000. Barry has spent a total of $36,000. As the $30,000 instant asset write-off threshold applies to each asset, Barry is able to claim both the tractor and the mulcher in his 2019 tax return.
How can I get more information?
For information regarding the extension to the Instant Asset Write-off please visit the Australian Taxation Office Website and consult your Accountant/Financial Advisor.