On the 12th of March 2020, the Prime Minister unveiled a number of incentives for businesses across Australia to assist in the present economic climate resulting from the COVID-19 crisis. Amongst these incentives is the instant asset write-off threshold which will lift from $30,000 to $150,000.
This means that businesses with an aggregated annual turnover of less than $500 million dollars will be able to immediately write off assets by 100% up until the 30th of June.
This would allow businesses to review their current security risks and look to:
– Install new CCTV or security alarm systems to their premises
-Replace old analogue systems to new digital IP systems
-Install temperature sensing cameras to safeguard staff and customers
-Install or update access control systems, managing and monitoring the flow of staff and customers into and out of buildings
-Installing GPS tracking systems to their fleet for driver safety and the monitoring and tracking of company assets
Equipment purchased and installed prior to the 30th of June 2020 will allow the total amount to be depreciated this financial year. Seek advice from your accountant to confirm you are eligible and for tax implications.
If you are interested, please call our team on 1300 852 138 to discuss your options.