In response to the Coronavirus crisis, the Federal Government has outlined new measures in a stimulus package worth nearly $18 billion. Australian Businesses will be some the biggest beneficiaries in an effort to boost the economy and save jobs. Here is a summary of the changes outlined in the plan that will benefit SMEs
SUPPORT FOR BUSINESS INVESTMENT
The following measures have been designed to assist Australian businesses and economic growth in the short term:
INCREASING THE INSTANT ASSET WRITE-OFF
Threshold increased from $30,000 to $150,000
For businesses with aggregated turnover of less than $500 million
The $150,000 threshold applies on a per asset basis so eligible businesses can immediately write-off multiple assets
Applies for new or second-hand assets first used or installed ready for use by 30 June 2020.
There are numerous other benefits for small businesses to assist in easing the impact of the Coronavirus, including cash-flow assistance and support for apprentices and trainees, as well as payments for lower income households.
At TradeMate Finance we have the perfect solution to all your equipment finance needs. We take all the guesswork out of finding the best finance deal. We take the time to understand your business and needs and save you hassle, time and money.
Rate Disclosure *Best rate as of the 1st of January 2020 is 3.75%PA. The interest rate is determined with reference to the age of the vehicle/equipment and the credit assessment. Interest rate loading may be applied. Establishment fees of $375. Different terms, origination, account keeping fees or other loan amounts might result in a different comparison rate. Lending criteria, fees and conditions apply. Rates, fees and conditions are indicative, available for new loans only and subject to change without notice.
Rate provided by TradeMate Finance Pty Ltd, Australian Credit Representative Number (520749) Authorised representative of ACL# 389328
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