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Business Stimulus Package Announced

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In a bid to minimise the potential impact of the Coronavirus to the Australian economy, the Government has today announced a $17.6 Billion targeted stimulus package.*

We will keep you updated as soon as more information becomes available, but this is what we know so far:

Instant Asset Write-Off Concessions have been extended

15 Month Investment Incentive – Assets over $150,000

What does this mean for me? 

For example, Bob The Builder Pty Ltd is a profitable house building business with a turnover of $10 million.

Bob (the director of the business) plans to purchase 2 new trucks at some stage over the next two years.  The trucks will cost approx. $120,000 each.

If the truck purchase was brought forward (even if these were financed under a chattel mortgage), there would be an immediate tax deduction of $240,000 and a tax saving of $66,000.

Boost Cash Flow for Employers

Apprentices & Trainees

Industries heavily reliant on tourism, agriculture and education

*This information is based on a government announcement that is not yet legislated. If you plan on taking action based upon the government’s announcement, it is best to check with your accountant as to the passage of the legislation.

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