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Asset Finance Market Update

12 Jun 2020 6:23 PM -
In case you missed the news, the federal government has just announced that the enhanced Instant Asset Write Off Scheme has been extended by a further six months and will now expire on 31st December 2020.

To recap, the scheme allows eligible businesses to “write off” or expense the full cost of an eligible business asset rather than having to make periodic depreciation claims over the effective life of the business asset.

What are the rules?

  1. The current cost limit of $30,000 per asset has been increased to $150,000 per asset.
  2. Business eligibility criteria has been widened to include businesses with annual group turnover of up to $500 million (previous limit was $50 million).
  3. There is no limit on the number of individual assets a business can purchase and immediately write-off under the scheme provided the GST exclusive value is less than $150,000.
  4. Any business assets purchased must be first used or installed and ready for use by 31st December 2020.
  5. Business assets can be new or second hand.
  6. Business assets can be purchased from a recognized supplier or dealer and even via a private sale transaction.
This is the perfect time to be talking with your self-employed clients about their capital expenditure intentions before the end of this calendar year and offering to assist with any finance requirements.

Remember, NLG Leasing can assist your clients with finance pre-approvals and even revolving “line of credit” style facilities to help you capture both current and future asset purchase transactions by your clients.
Lender Service Levels
As we rapidly approach the end of the financial year, we also wanted to draw your attention to the current service levels that NLG Leasing is experiencing with asset finance lenders and banks.
Most lenders are currently taking between 2-5 days to assess and approve asset finance deals with several lenders also taking another 2-3 days to settle transactions. We anticipate that these delays will only increase as we approach 30 June. It is therefore very important to manage your client’s expectations given the current lender service delays being experienced.
We also strongly encourage you to submit any asset finance applications for your clients as soon as possible to avoid missing any pre-June 30 settlement deadlines.

Finally, to give your applications every success of being processed in a timely manner, please ensure all relevant supporting documents and information is supplied when submitting your deals to NLG Leasing.

Please contact our friendly team on 1300 722 011 or via email support@nlgleasing.com.au if you are unsure about what supporting documents and information to supply with your application.
Client Marketing Templates
A reminder that NLG Leasing has recently released new email marketing templates for our accredited broker partners.

The generic, non-branded templates are free to use and can be fully customised to suit your own individual marketing and client messaging requirements.

We have produced twelve individual templates covering six different asset finance marketing initiatives that we encourage you to download and use to generate additional asset finance business opportunities with your clients.

Below is an example of our End of Financial Year Car Sales template:
To view and download your preferred marketing templates simply click HERE. We recommend you also save this landing page as a Bookmark for easy future reference to our marketing templates.
Financial Assistance Requests
If any of your clients wish to discuss financial assistance measures due to the impact of COVID-19 with our lender partners, we have prepared a handy reference sheet which you can access HERE.

We will update and share this document with you as we receive further correspondence from our various lender partners.

Happy to help.

If you are looking for a solution to assist your consumer and commercial clients with all asset, equipment and cash flow finance solutions - but don’t yet have the knowledge and can’t justify the high costs associated with multiple accreditations, specialist systems or a full time specialist on the payroll – then NLG Leasing is the right business partner for you. If you would like more assistance, please contact the NLG Leasing team on 1300 722 011 or email support@nlgleasing.com.au

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