The recent changes to the instant asset write-off threshold by Federal Government due to COVID-19 could help your farming business
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Businesses that have an aggregated turn over less than $500 million are eligible for the Government’s updated instant asset write-off
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Recently, the Federal Government increased the instant asset write-off threshold to $150,000, up from $30,000, as part of its revamped stimulus package.
And with the farming sector an essential service during this crisis now could be the perfect time for your business to upgrade its fleet and equipment.
AM I ELIGIBLE?
Businesses that have an aggregated turn over less than $500 million – which is up from $50 million – are eligible for the Government’s updated instant asset write-off and can only include purchased assets less than $150,000.
The instant asset write-off initiative is not limited to one asset, you can purchase as many machines as you need as long as they are individually priced under the $150,000 threshold. This is valid for new and used machinery.
The instant asset write-off is only available until June 30, 2020. From 1 July 2020, the instant asset write-off will only be available for small businesses with a turnover of less than $10 million and the threshold will be $1,000.
ACCELERATED DEPRECIATION
Under the ‘backing business incentive’, the government has also introduced a time-limited 15-month investment incentive to support business investment and economic growth over the short-term, by accelerating depreciation deductions.
A deduction of 50 per cent of the cost of an eligible asset on installation will apply, with existing depreciation rules applying to the balance of the asset’s cost.
Eligible businesses are businesses with aggregated turnover below $500 million. Eligible assets are new assets that can be depreciated under Division 40 of the Income Tax Assessment Act 1997 (that is, plant, equipment and specified intangible assets, such as patents). This does not apply to second-hand Division 40 assets, or buildings and other capital works depreciable under Division 43.
This applies to assets acquired after the announcement and first used or installed by 30 June 2021.
At TradeFarmMachinery.com.au, we’ve got some fantastic tractors under $150,000 that we think will suit.
2015 Claas Arion 630 CIS tractor
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Price: $92,000
Location: Victoria
This Claas Arion 630 CIS is a used machine from Victoria. Serviced and ready to go with 5017 hours on the clock. Spec-wise, this tractor comes with a 24×24 hexactiv 40km/h powershift transmission and is fitted with cab suspension, triple remotes, Trimble steering and a front-end loader with bucket and fork attachments.
At $92,000, this German tractor is a pretty good deal.
Click to read our review of the Claas Arion 600
2012 John Deere 6170R IVT tractor
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Price: $114,000
Location: NSW
Any high-spec’d John Deere 6R with an IVT transmission that’s priced under $115,000 bucks is sure to grab your attention.
This machine is found in New South Wales and looks to come with all the bells and whistles. It is autotrack ready, spec’d with a 50km/h AutoPower IVT transmission with 170hp. Other features include front axle suspension, cab suspension and approximately 4592 hours.
Click to read our review of the John Deere 6175R tractor here
2018 Deutz-Fahr 6155G Powervision tractor
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Price: $145,739
Location: Victoria
This brand new Deutz-Fahr 6155G Powervision is a fantastic looking rig. For sale in Victoria, this 6155G comes with a Stoll FZ50 loader and a standard bucket. Spec-wise it features a Tier 3, six-cylinder engine that pushes our 163 horsepower.
It also features 30×15 ZF powershift transmission and a top speed of 40km/h. Priced under the $150k threshold, this could be a great new machine to add to your fleet.
Read our review of its little brother, the Deutz-Fahr 6135G here
2011 New Holland T8030 tractor
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Price: $110,000
Location: Victoria
This big 2011 New Holland T8 is a beast of a tractor. 270 horses, workshop serviced and 5982 hours on the clock, this big rig still has life in it. This New Holland is also set at a standard configuration.
Read our review of the New Holland T8 here
2017 Kubota M7-171 tractor
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Price: $98,000
Location: Queensland
This lovely looking Kubota M7 has given us Kubota fever. Based just north of Brisbane, you can get your hands on a very low hour M7 for $98,000.
It’s an impressive package for that price. The machine is 4WD, uses a four-cylinder, 170hp Kubota engine and has just 945 hours. The machine is also under warranty until the 31st of October 2020.
This could be a great addition to the shed.
Read our recent review of the Kubota M7-171 over in New Zealand here
2014 Fendt 882 Vario tractor
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Price: $129,000
Location: Victoria
Fendt tractors are really good value at this price. This 2014 Fendt 882 Vario has just 4730 engine hours and is a very high-spec’d machine for its price.
For $129,000 you get a German-made tractor, a six-cylinder engine with 226hp, hydraulic front suspension, 4WD, the reliable Fendt Vario transmission and the tried and tested Fendt armrest control.
A lot of tractor for the price.
Read our review of the Fendt 720 Vario here
1997 New Holland 9282 tractor
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Price: $54,450
Location: NSW
This New Holland-Versatile 9282 4WD is a blast from the past! A throwback to the glory days of tractors when they were big and loud.
If you’re looking for heavy-hitting row crop machine, you can pick this New Holland up for just $54,450. You get a machine with 7031 hours on the clock, 260hp from its 8.3L six-cylinder diesel engine.
It got a 12×4 quadra-sync transmission with a hydraulic wet disc clutch and 20.8R28 Wheels & Duals all at around 40 per cent.
This machine has had only one owner and is in immaculate condition.
Click to watch our Top Tractor Shootout – the ultimate tractor battle
2014 John Deere 7230R tractor
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Price: 149,000
Location: NSW
If you’re looking for a high horse-powered John Deere tractor than this 7230R in NSW may suit you well?
The big green Deere comes with a H480 loader and bucket. The tractor is spec’d with a big 230hp engine, as well as an IVT transmission.
It’s well equipped also, featuring the premium cabin, LED light package, a fridge, four remotes, a 540/1000 shift table PTO, touch screen and AutoSteer.
You can pick the John Deere 7R for $149,000. A good looking rig.
Read our review of the John Deere 6250R here
2008 Case IH Magnum 215 tractor
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Price: $93,000
Location: Victoria
This well-kept Case IH Magnum 215 is a good-valued buy for under $95,000.
The best feature about this Magnum is under the bonnet. The 215hp, six-cylinder Cummins are a fantastic sounding engine.
The machine has 5527 hours on the clock and comes with quality features such as dual front and rear tires at 50 per cent, Trimble Accuguid with Autosteer and the plush red leather Case IH seat.
Priced at $93,000, this could be a great workhorse.
Read our review of the Case IH Magnum Rowtrac 380 here
2011 Massey Ferguson 7495 tractor
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Price: $99,000
Location: South Australia
This very nice-looking Massey comes advertised in ‘very good condition’. Under the bonnet, the Fergie is using a 6.6L Sisu engine that pushes out 185hp.
It has 3039 engine hours and includes PTO, three-point linkage and four SCV’s.
One of the nicest looking Massey Ferguson’s ever made.
Here is our review of the Massey Ferguson 8732 S Dyna-VT here