Ritchie Bros announce upcoming EOFY auction

Auction house Ritchie Bros. has announced its End of Financial Year auction to be held on the last week of June following some strong results from previous online events.

Bidders can expect to see over 1000 items up for sale across different industries including transport, construction and agriculture.

Once again, the event will be held online with those interested to bid urged to sign up for an account. Day one of the auction (June 23) will be dedicated to construction and crushing gear while Day two (June 24) will focus on transportation and agriculture products.

Ritchie Bros. said the government’s instant asset write-off scheme has a big part to play in the sector’s strong activity, investment and transaction levels. Under the scheme, businesses can instantly write off purchases worth up to $150,000 on their tax return and eligibility has been expanded to include businesses with an annual aggregated turnover of less than $500 million.

With a list of infrastructure and construction projects brought forward by the Government, more companies will need to invest in machinery to carry out the work and this is where the generous tax concession will help, said Ritchie Bros. Sales Director, Finlay Massey.

“We know from experience that June sees a drive in spending from buyers of machinery and equipment as they seek to make the most of tax advantages prior to the end of the financial year,” he said.

“With the added incentive of the instant asset write-off, we’re expecting to see even more market activity in the coming weeks. The Richie Bros. end-of-financial year auction, for example, is tipped to attract a record number of bidders.”

Civil Contractors Federation Victoria Chief Executive Officer, John Kilgour, said the civil construction sector is ready to lead Australia’s economic recovery coming out of COVID-19.

“These industries are already the backbone of the economy, and they have the capacity to take on more civil infrastructure projects and employ thousands more workers to support Australia,” he said.

Massey added Ritchie Bros. works with customers to provide the right finance plans and can provide access to solutions within days.