Tax time with a Kimberley Kamper

It’s that time of year again. End of the financial year, and time to get some good deals. This year is no different in that regard to other years, except there might be a few new incentives to support business. The Coronavirus Economic Response Package Omnibus Bill 2020 was assented on March 24 2020 and included increasing the instant asset write-off.

This means that until the 30th of June 2020 the instant asset write-off increases to $150,000.00 from $30,000.00 and eligible businesses have been increased to include those with an aggregated turnover of less than $500 million where before it was $50 million. This means an eligible business can now claim an immediate deduction for the business portion of the cost for multiple new and second hand assets in the first year they were used provided each asset costs less than $150,000.

So what does this mean in practice, you ask, and what does it have to do with buying the Kimberley I want?

Kimberley Kamper Platinum Camper-Trailer

In practice this means that if you need on-site accommodation for your business, if you purchase for example a Kimberley Platinum Camper Trailer for $62,590 or an E-Class Kimberley Kruiser for $114,830 you could then write off the business portion of the purchase instantly. If the Camper-Trailer was used 70% for the business, this would be the equivalent of an instantaneous write off of $43,813. If your new Kruiser was used for business purposes 90% of the time the write off would be $103,347. That would be a combined savings of $146,160 on a $177,420 purchase. There is more information and examples of how this works at the bottom of the ATO page on Instant Asset Write-Offs.

KK Kruiser E Class

Kimberley Kamper E-Class Kruiser

As of the 6th of June 2020, you have 24 days left to take advantage of this tax benefit. Please be aware that SEQ Campers does not give tax advice, we only sell camping products.