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      How to take Advantage of the Economic Stimulus Package as a Manufacturer

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      How to take Advantage of the Economic Stimulus Package as a Manufacturer

      Instant Asset and Depreciation Write-offs for new Manufacturing Machine Purchases

      The Australian Government on March 12th 2020 announced an Economic Stimulus Package. This is available to businesses with an annual turnover of less than 500 million. As a manufacturer in Australia, you can now access up to $150,000 in instant asset write-offs and instant depreciation on assets over $150,000. This can include manufacturing machines.

      This article below explains in detail each of the asset write-offs and when they apply. The Australian government also provide a detailed fact sheet that you can download.

      $150,000 instant asset write off:

      1. Any eligible asset (vehicles, machinery etc) with a purchase price of $150,000 or less (excluding GST) acquired from March 12th to June 30th 2020.
      2. Asset can be new or used (including Private Sales).
      3. The $150,000 limit is available for each individual asset and therefore multiple assets (totalling more than $150,000) can be claimed under this arrangement.
      4. There is NO LIMIT to the number of assets acquired under this initiative.
      5. Assets can be purchased outright or financed on Chattel Mortgage or CHP (Finance Lease will not work for this initiative).
      6. This initiative is ONLY available until June 30, 2020, and as such is a very small window of opportunity being less than 4 months.

      50% instant depreciation write off (on assets over $150,000):

      1. Any eligible asset (vehicles, machinery etc) with a purchase price GREATER THAN $150,000 (excluding GST) acquired from March 12th to June 30th 2021.
      2. Assets must be new (NOT USED).
      3. There is NO LIMIT to the number of assets acquired under this initiative.
      4. Assets can be purchased outright or financed on Chattel Mortgage or CHP (Finance Lease will not work for this initiative).
      5. This initiative is available for 15 months (until June 30 2021).
      6. This extended initiative will also be applicable to assets of $150,000 or less for an extra year once the $150,000 Instant Asset Write Off has expired on June 30 2020.

      Headland Machinery has many brand new, stock and demo machines that are ready to ship. There has never been a better time to buy new manufacturing machines.