News: COVID-19 Instant Asset Write-off bonus extended

As we rapidly approach the end of the financial year, it’s time to consider what assets you might purchase for your business within this current period, and how you can benefit from the temporary increase in the Government’s Instant Asset Write-off program.

The good news is that the generous scheme has been extended. Originally announced in the 2020 Federal Budget to encourage businesses to keep spending during the COVID-19 pandemic, it will roll over and continue for another 12 months, giving Australian businesses the ability to use it for all eligible assets acquired from 7.30 pm on October 6, 2020, and first used or installed by June 30, 2023.

The Instant Asset Write-off limit is $150,000 and is available to businesses with a turnover of up to $500 million. The measure, which greatly expanded the previous $20,000 Instant Asset Write-off scheme, was due to expire on June 30, 2022.

The purpose of the Instant Asset Write-Off scheme is to accelerate the speed at which businesses can make deductions for those purchases. This allows business owners to claim a deduction for that asset in the same income year as the asset was purchased. This deduction is then able to be claimed on the business’ tax return for that income year.

Invest in the growth of your business

As we emerge from the pandemic, it makes sense to be investing in the growth of your business to take advantage of growing demand in many sectors.

At Leussink, we’re optimistic about the growth the Australian manufacturing, mining, building, and many other sectors will experience as we put the pandemic lockdowns behind us, so we’re investing in our future and encouraging others to do the same.

But as a business owner, you need to move quickly, rather than closer to the cut-off date of 30 June. To be eligible to write off your new assets, they must be either installed and in use, or purchased and ready for use in the same financial year as it was purchased.

Eligible items

Included in the list of eligible items are tools, plant, and equipment so a Demmeler modular fixturing system from Leussink will be an eligible deduction for many businesses. Many leading businesses, from truck trailer manufacturers to shipbuilders and custom car restorers have invested in a Demmeler welding & fabrication system from Leussink and have enjoyed improvements in productivity, accuracy and efficiency as a result.

If you’re not in a financial position to make an outright purchase, you can trial a Demmeler system through Leussink's rental program. It’s the only program that allows you to try a modular welding table before you buy.

The Demmeler 3D workbench and welding table manufactured and distributed exclusively in Australia by Leussink is a versatile jig and fixtures system for all types of welding and fabrication work. Projects such as steel construction, sheet metal processing, robot technology, assembly and measuring equipment, laser welding, laser cutting, prototype construction, body construction, and many others can be set up easily and precisely.

Many of our clients are upgrading from a plain metal workbench and finding that the Demmeler system saves them time but also increases their accuracy and precision.

Want to know more? Contact us today for a quote or further information.