Make Use of the Tax Write-off Changes


Instant Tax Write-off Extension

Apr 22, 2020 |

Purchase and install Speed Queen commercial washers and dryers  before 30 June and write-off the cost immediately!

Under the Australian Government instant asset write-off scheme businesses can:

  • Immediately write off the cost of each asset that cost less than the threshold.
  • Claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.

The government recently announced changes to the scheme that open it up to larger businesses.

Changes to the scheme:

Any asset purchased and installed between 12 March 2020 until 30 June 2020 qualifies for the new instant asset write-off criteria:

  • The threshold amount for each asset is $150,000 (up from $30,000)
  • Eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

You can find all the full details on the Australian Government website.

What it means for you:

If you are a larger businesses, you can now take advantage of the instant tax write off.  If you are purchasing more expensive equipment (with a cost above $30,000) then you may qualify for the instant write off.

Exchange rate impact:

In addition to the potential tax write-off benefit, there is another reason to buy now.  Take advantage of in-country stock that was purchased at  more favourable exchange rates...  That stock won't hang around long!

As if you need more reasons...

When you buy Speed Queen, you are buying the toughest equipment with the best advice and ongoing service.  It's no accident Speed Queen is the worlds biggest and oldest manufacturer of commercial laundry equipment, backed by the longest commercial warranties.   Our distributors in Australia know laundry better than anyone, they've been in the game for decades.  They can provide advice on the right equipment, layout, workflow, cycle configuration etc etc...   They are famous for giving frank, honest advice - we want customers for life!


Find out how Speed Queen machines can help


Get more articles like these direct to your inbox!