Did you know you may be eligible to receive money and tax incentives with the government’s latest stimulus package?
With the World Health Organisation declaring COVID-19 a pandemic, it’s important to remain aware and vigilant in these uncertain times. Mainly, keep a close eye on how things are progressing, stay safe and abide by all health regulations and recommendations.
At Machines4U, we are taking our own precautionary measures and are glad to see the Australian government taking action with their economic stimulus package.
We want to keep all of our buyers and sellers informed on the situation, and showcase how you can benefit from this stimulus package. So, we’ve compiled the most relevant information for you below.
The Stimulus Package
The Scott Morrison government has released an economic stimulus package totalling $17.6B to keep Aussies in jobs, businesses in business and households supported. Of that, $3.9B worth of incentives is being allocated to encourage businesses to spend.
Where is this money going, and how will it benefit you?
Businesses with annual turnover of less than $50M:
- Cash Flow Assistance: $6.7B will be allocated to boost cash flow for employers, with a minimum payment of $2000 for eligible small and medium-sized businesses, up to $25,000.
Businesses with annual turnover of less than $500M:
- Asset Write Off: Businesses can write-off assets up to $150,000 (up from $30,000) such as concrete tanks, tractors or delivery trucks.
- Tax relief: Businesses can deduct 50% of the cost of an eligible asset on installation, with existing depreciation rules applying to the balance of the asset’s cost.
Plus a further $1B regional community fund to support hard-hit regional areas and industries, including agriculture, education and tourism. Read more about this here.
These are testing times, but 14 years down the track—we’ve seen similar hard times, such as the GFC in 2008-2012, and from our experience, now is not the time to hang back. Now, more than ever, projects and work like yours is what keeps Australia moving. So it’s time to take advantage of these subsidies, buy the right machinery, and dig deep.
At Machines4U we are dedicated to helping you buy better and sell faster, despite these trying times. We aim to keep everyone informed and do our best to help businesses stay steady through the uncertainty.