The COVID-19 pandemic has had a huge impact on businesses right around Australia. So it would be very easy for business owners to have missed the announcement from the Federal Government that the instant asset write-off threshold has been lifted to $150,000 and extended to businesses with a turnover of up to $500 million, from $50 million.
While at Leussink it’s still business as usual, the Illawarra based engineering firm plans to take a closer look at this opportunity and is encouraging clients to understand the benefits of the stimulus and to act now.
“At a time like this it would be very easy just to cut all expenditure but we’re optimistic about the growth the Australian manufacturing, mining, building, and many other sectors will experience as we come out of the COVID-19 pandemic so we’re investing in our future and encouraging others to do the same,” said Managing Director Jason Leussink.
“But we urge customers to act now, rather than leave it until right near the end of the cut-off date of 30 June 2020. 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,” added Leussink.
The purpose of the $150,000 Instant Asset Write Off 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.
“Included in the list of eligible items are tools, plant, and equipment so our Demmeler Modular Fixturing System will be an eligible deduction for many businesses,” said Leussink.
The Demmeler System, distributed by Leussink in Australia & New Zealand, is a versatile, modular 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 traditional welding bench and finding that the Demmeler system saves them time but also increases their accuracy and precision. Our customers enjoy up to a 50% improvement in productivity along with an increase in accuracy and zero rework, from using the Demmeler system,” he added.
For more information contact Leussink on 02 4260 7777 or visit https://www.leussink.com.au/.