New trucks build more profit. Technology has revolutionised the trucking industry. Trucks are now safer, more efficient and multi-purpose.
New, safe reliable vehicles are essential for the growing construction industry. Trucks with multi fit outs such as motor home/work vehicles are increasing in popularity with their cost saving attractions. Low interest rates and tax incentives such as the Instant Asset Write-Off make these new vehicles affordable.
New trucks are tough, reliable and safer than ever before. There are less breakdowns and repairs. Innovations such as lane-assist and braking features is reducing accidents and saving lives. Trucks can now travel at a consistent speed and maintain a safe distance from other vehicles.
Dual purpose as a work vehicle and holiday camper has made the custom designed trucks attractive for many buyers. Fit outs are being done for mobile classrooms, lunchrooms, offices, accommodation and safaris. Many business are welcoming the mobility and innovation these vehicles provide.
Instant Asset Write Off
The instant asset write-off allows a total deduction of the full value of both new and used truck/s at the end of the financial year. This is opposed to previously, over several years. One hundred percent usage of the truck must be for business purpose to claim the full value. If the vehicle is used for part personal, then only the percent used for business can be claimed. Every business circumstance is unique so it is important that advice from a registered accountant is sourced.
The scheme is available till 30th June 2022 (next 2 financial years). Since COVID-19 there have been delays up to 6 months with some vehicles. If you are wanting to claim for this financial year, then don’t delay with ordering. A truck needs to be purchased, owned and operating within the financial year of claiming.
Claims can also be made for any improvements/fitouts to the truck. There is no limit to the purchase price of the vehicle and the scheme is available to any business with a turnover under $5 billion per annum.
Will Finance brokers specialise in lending to take advantage of the instant asset write-off scheme. Will Haylock, from Will Finance says, ”when comparing loans, the rule is to always compare monthly repayment figures, as some lenders may hide fees in repayments. This allows some lenders to advertise super low rates. Always try to compare apples with apples”.
For more information or any questions, you have on truck loans or any business finance feel free to phone Will Finance on 0430 710 508 or read more details about instant asset write-off for trucks: https://www.willfinance.com.au/instant-asset-write-off-for-trucks/