The government has announced they are increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
There are thousands of businesses that have benefited from this instant asset write-off in previous years and many more that are now eligible.
What vehicle is eligible?
The instant asset write-off applies to the majority of capital asset types, including new and used motor vehicles.
Cost
To be eligible, the cost of the asset must be less than $150,000.
For a motor vehicle, the following have to be included in the cost:
- Vehicle
- Stamp Duty
- Accessories fitted to the vehicle at time of acquisition (e.g. window tinting)
Important to Remember
- It is the responsibility of the customer to obtain their own tax advice with respect to their eligibility for the write- off.
- Any comments we provide are not tax advice and are for general discussion purposes only and as such, cannot be relied upon.
The government has announced they are increasing the instant asset write-off threshold from $30,000 to $150,000 and expanding access to include businesses with aggregated annual turnover of less than $500 million (up from $50 million) until 30 June 2020.
There are thousands of businesses that have benefited from this instant asset write-off in previous years and many more that are now eligible.
What vehicle is eligible?
The instant asset write-off applies to the majority of capital asset types, including new and used motor vehicles.
Cost
To be eligible, the cost of the asset must be less than $150,000.
For a motor vehicle, the following have to be included in the cost:
- Vehicle
- Stamp Duty
- Accessories fitted to the vehicle at time of acquisition (e.g. window tinting)
Important to Remember
- It is the responsibility of the customer to obtain their own tax advice with respect to their eligibility for the write- off.
- Any comments we provide are not tax advice and are for general discussion purposes only and as such, cannot be relied upon.