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Are you in the market for a new vehicle or truck loan? According to the Australian Taxation Office; “under the instant asset write-off, eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.”

What does this mean for you? Well, there has been a lot of talk about the instant asset write off which transport companies can use to purchase new vehicles. Keep reading to find out if you are eligible for instant asset write-off.

Instant Asset Write-Off

If you are eligible for an instant asset write-off, it can be used for:

• Multiple assets so long as the cost of each asset is below the relevant threshold.
• Second-hand assets.
• Newly purchased assets.

The Exceptions

The instant asset write-off cannot be used for assets that have been excluded from the simplified depreciation rules.

Recent Changes

Here is what you need to know about the updates to this policy eligible from March 2020 until the end of December 2020:

• threshold amount for each asset is $150,000 (up from $30,000)
• eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).

Am I Eligible?

The eligibility to use instant asset write-off on an asset depends on:

• the cost of the asset
• when it was first used or installed
• the date you bought the asset
• your aggregated turnover

If you run a small business and choose to use the simplified depreciation rules, we encourage you to use instant asset write-off on all eligible assets. Why not score a new truck loan? We can show you how.

For more vehicle finance information and updates on truck loans and finance for other vehicles, get in touch with ZEP Finance. We provide easy to understand financial solutions that are tailored to your immediate and future goals.

There are many things to consider when purchasing a property so having a good support structure around you is valuable. We believe a top broker will focus on the customer experience.

The top brokers in the industry have been prioritising their customer’s experience for years, regardless of trends, regulations and market studies. They instinctively know where real value sits. That innate gut knowledge can’t be taught.

Another characteristic you will see in top mortgage brokers in Ballina and worldwide is that they have continued to learn, to up their knowledge and thereby deliver the absolute best advice to their clients. This is a clear sign that they care deeply about quality.

Being Conservative Is Not A Bad Thing

Being conservative is a valued characteristic in finance-related industries; however, not when that translates into an unnecessary rejection of good opportunities. Such behaviour is defensive and fearful. A good broker will know a calculated, conservative, reasonable risk when they see one and will advise you accordingly.

Honesty

The professional that you approach for any advice, will never know all the answers.  Nor will your mortgage broker.  If they are honest and upfront with you about certain info that they need to research, points to them.  Don’t count it against them.  The last thing you need is someone blowing hot air.

Knowledge

Your broker will put many, many hours of research into finding you the best deal. They don’t grab the first scrap within reach. This may take time, be patient, knowledge is power. They will share that knowledge with you to which is to your benefit. The right advice and technical skills will pay you dividends for decades to come.

Mortgage brokers need to remain up-to-date with lending policies, market fluctuations on a macro and micro level as well as trends. This takes commitment and energy. Look out for those characteristics and skip past if there is a hint of them being amiss.

Respect

A top businessman does not only display respect to their customers but also to their support staff, colleagues and the critical stakeholders in the process. If you see a broker failing at one of these then perhaps you are not receiving sincere respect and protection.

Golden rules

Mortgage sales are not like The Wolf of Wall Street. Homeowners or property investors tend to have simple, straightforward financial goals. You don’t need a hitman type broker nor do you want a broker that implies you owe them something because they’re spending their time speaking with you.

The ideal broker should ask a lot of questions and listen, intently, to you, the client. The broker should unpack what you are saying because it may not always be about property investment.

Once your broker truly knows what you want, they need to create value and give you a solid reason why you should use them.

Value

You should only be purchasing when your facts and your gut are convinced that the broker offers greater value than the price/time you’re giving to them.

Perhaps the broker can show you a comparison of a much lower interest rate they can negotiate compared to two major financial institutes offering the same product.

Or perhaps they can show you a debt consolidation solution with your refinance to help you onto an easier path to financial freedom.

If they have listened and have provided a comprehensive solution that best matches your needs, they are on the path to retaining your business for life.

Book today [insert hyperlink to contact page] to meet Zep Finance and let us listen to your situation and win your trust with our reliable solutions. For a top-quality, value-adding, caring mortgage broker in Ballina give us a call today Ph. 1300 557 027.