One of the Federal Government Coronavirus Economic Stimulus initiatives which may be advantageous for your business is the instant tax write off increase.
If you’ve been thinking of upgrading your hoists or kitting out your workshop with new equipment, now could be the time with immediate tax deductions on offer for items purchased between March and June 2020.
We know things may be tough in Australia – and indeed the world right now – but if you’d like a no obligation chat with one of our experienced team – give us a call on 1300 694 363. We can help you assess what equipment would be right for your needs to help keep the wheels of your business moving now – and in the future.
At Genesis Equipment we supply and install only the highest quality workshop equipment with exclusive distributions rights for eight of the world’s leading manufacturers for added peace of mind and durability. We can also put you in touch with a local finance broker, too – see more below.
What has changed with the instant asset write-off?
The instant asset write-off threshold has temporarily jumped from $30,000 to a whopping $150,000.
It’s also accessible to eligible businesses with an aggregated annual turnover of less than $500 million (up from $50 million).
These changes apply to new or second-hand assets which are first used or installed and ready to use between March 12, 2020 and June 30, 2020.
According to the ATO, eligibility is dependent upon a range of factors. For more detailed information, head to the website here.
Hoist Options Available from Genesis Equipment
At Genesis Equipment, we are proud to be the exclusive Australian distributor of some of the world’s leading brands, including Stertil-Koni and Bendpak.
We stock a range of 2-post hoists with lifting capacities from 4,200kg to 6,000kg. They are safe, stable, efficient and industry certified.
Our 4-post hoists aredurable, low maintenance and specifically designed for Australian workshops. They are also ALI (Auto Lift Certification) certified and built to handle even the toughest jobs.
The mobile column lifts we supply meet the highest safety requirements and are easy to use. Capacities for individual lifts range from 6.5t to 17.5t.
Genesis Equipment also has a wide range of functional and safe Scissor lifts, including portable, high-rise and low rise.
Genesis Equipment has a partnership with Blink Finance, who will assist customers with flexible and dynamic commercial financing solutions for machinery and equipment.
“The instant asset write-off allows businesses to buy large items of capital equipment for their business and to obtain an immediate tax deduction for doing so (rather than depreciating the cost over a number of years, as was previously the case),”Managing Director of Blink Finance, David Hooper
For those who apply, a finance broker will be in touch to help with every step of the process.
Blink Finance then takes the time to learn about your business, its goals, cash flow needs and how you hope your new purchase will assist your business.
Instant Tax Write Off Increased in Response to Coronavirus
If you think your business could benefit from the changes to the instant asset write-off, please give our team a call to help you decide what hoist or lifting equipment will be best for your needs.
Genesis Equipment is the leading expert for automotive equipment and vehicle lifts in Australia. Whether you need 2 or 4 post hoist, car lift, turnkey workshop solution, wheel service equipment or heavy vehicle hoists, we have a skilled team ready to assist with all enquiries.
Our extensive range has everything you could possibly need for your workshop, heavy vehicle servicing or home garage.
We are proud to be the exclusive Australian distributor for several industry leading brands including Stertil-Koni, Bendpak, Ranger, Quickjack and Autostacker, along with Cartec, Sicam and LV8 to name a few.
With Genesis Equipment you’re dealing with experienced technicians who deliver professional advice and help you choose the right products to suit your individual or workshop needs.