Taking advantage of the Government’s instant asset write-off for trucks is a no-brainer!! Efficient trucks and vehicles are essential for better operations and profits. This scheme allows you to write-off the total value of the truck at the end of the financial year as opposed to several years. Add to this the present historic low interest rates, makes updating and upgrading trucks easier than ever. Many owner drivers are surprised at just how easy it is to purchase new trucks and how little it costs at present.
How does the Instant Asset Write-off work for Trucks?
Business can write-off the full value of trucks purchased over the next 2 years. They can also claim the full amount for any improvements/fit outs to the vehicle. There is no limit to the number of trucks purchased. In addition, there is no cap on the purchase price as there was previously with a $150K limit. This instant asset write-off for trucks accelerates the depreciation so you can claim immediately rather than over several years. The aim is to stimulate spending with assisting business to be better equipped and reduce their tax during the COVID-19 recovery.
Who is eligible for the Instant Asset Write-off?
Most Australian owner drivers and business owners will be eligible for the instant asset write-off scheme over the next 2 years. Provided your business does not exceed an annual turnover of $5 billion, you will be able to claim the full value of your truck. It will only be the largest of businesses with a turnover of more than $5 billion that will be excluded from the instant asset write-off scheme.
How Long is the Instant Asset Write-off available for?
The limitless scheme started from Frydenberg’s federal budget announcement, at 7:30pm on October 6th. This will be available until 30th June 2022.
What if you do not have cash to take advantage of the Instant asset write-off?
Equipment finance for trucks is cost effective and a suitable way to overcome cashflow issues. With numerous finance packages that presently have all-time low interest rates & flexible payment arrangements, finance has never been so attractive. Many truck owners are surprised at how fast and simple loans can be through equipment finance brokers. The following is an example of Will Finance lending criteria for truck loans:
- Business operating for one year or more
- Latest Business Activity Statement
If your business meets these criteria, you may be eligible for fast & affordable truck lending. Get the ball rolling on your next purchase by completing the form below. ($450 establishment fee waived to the first 50 enquiries – terms & conditions apply)
Will Finance, specialises in the lending process to take advantage of the government’s instant asset write-off scheme whilst the opportunity is available. As equipment finance brokers, Will Finance company arranges lending between an applicant and a lender. Will says, “We do the hard yakka for business, to seamlessly guide them to the next level with reliable trucks and vehicles. The new instant asset write-off scheme is a golden opportunity for owner drivers to update or upscale their fleet”.
Get the Best Deal
Modern technology and automation are making trucks safer, more reliable, and efficient. Securing the right truck is a crucial component of your business success. Just as crucial is sourcing efficient and effective truck finance.
Brokers Source the Best Truck Loans
For many trucking companies or owner operators, the thought of obtaining new finance for a replacement, or a new truck can often be daunting. Good customer service from a specialist equipment finance broker will explain and clarify these complexities. Equipment finance brokers do the grunt work from applications through to settlement at little or no cost to the borrower. They are not tied to the one bank or lending institution. With brokers, borrowers deal with the one team and usually one person.
Low Rates not always Low-Cost Loans
Low interest rates often do not equate to the most effective finance for your truck. Be aware of fees and charges to calculate and compare the options available with your truck loan. When comparing loans, the rule is to always compare your monthly repayment figures as some lenders may hide fees in the repayments. This allows some lenders to advertise super low rates. Always try to compare apples with apples.
An experienced finance broker will help with sourcing the best loan or lease and defuse any complexities.
Will Finance, specialises in the lending process to take advantage of the Government’s instant asset write-off scheme whilst the opportunity is available. They have a range of competitive finance packages which often requires no deposits and has flexible terms to meet your specific payment requirements.