Instant asset write-off!
Businesses buy now before 30 June and take advantage of the Government Instant Asset Write Off!*
The temporary instant asset write off has now been extended to 30 June 2023 (previously only to 30 June 2022). The instant asset write-off allows your business to receive an immediate tax deduction for your asset in your next tax return rather than receiving a deduction over a number of years, resulting in cash sooner for your business. New and used motor vehicles are included in the instant asset write-off.
What you need to know:
- Eligible businesses with combined annual turnover of $5 billion or less can deduct the full cost of eligible depreciable assets.
- The Instant Asset Write Off applies to new and used cars if the business has under $50M combined annual turnover, and new cars only up to $5B.
- The deduction is capped to the car cost limit for passenger vehicles at $60,733 (inc GST) from 1 July 2021, and there is no cap for commercial vehicles.
- Assets must be purchased after 6 October 2020 and installed and ready for use by 30 June 2023.
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