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Federal Budget Tax Savings 2020

Sommer Denning - Friday, November 20, 2020

In the 2020 Budget, the Federal Government announced further measures to stimulate Australia’s short-term economic recovery by promoting investment in new equipment while enabling business cash flow. Some of these measures relate directly to new and pre-owned truck purchases.* 


1. Temporary Full Expensing of Depreciating Assets
 Between 6 October 2020 and 30 June 2022 eligible businesses can depreciate the full cost of new and pre-owned assets of any value in the year they are installed. This is designed to help you invest in new equipment, such as replacing trucks and reducing your company’s tax liability.

 

2. Temporary Loss Carry Back
 To provide further cash flow for your business, if you are eligible you can offset your losses against previous profits on which tax has been paid, to generate a refund. Losses incurred up to 2021-22 can be carried back against profits made in or after 2018-19. This is designed so if you buy new equipment and depreciate it all this year (see point 1) and your company makes a resulting loss, this can be offset against tax paid in 2018-19 and you will receive money back from the government.

* This should not be considered as financial advice. Please seek professional advice from your accountant or financial advisor to maximise this opportunity for your specific situation.


https://www.kenworth.com.au/there-has-never-been-a-better-time-to-buy-a-kenworth/

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