Tuesday, 16 June 2020

MEDIA RELEASE

Extension of instant asset write-off scheme a win for RAC contractors

In a win for refrigeration and air conditioning (RAC) contractors, the Australian Government’s instant asset write-off scheme has been extended until 31 December 2020, giving businesses six more months to immediately claim on purchases up to $150,000.

The instant asset write-off scheme enables small and medium-sized businesses to deduct the value of an asset in the year of purchase, freeing up cash now, instead of having to claim deductions over several years.

Glenn Evans, CEO of the Australian Refrigeration Council (ARC), said this extension will help to increase investment and keep businesses moving, in light of the uncertainty created by COVID-19. “It is also great to see that new and second-hand assets, like vans and equipment, can now be written off under the scheme, as long as they are first used, or installed ready for use, by the end of the year,” he said.

For further information, please contact Alex Doran, General Manager, Communications and Business Development at the ARC on 03 9843 1601 or email adoran@arctick.org