How do the new Instant Asset Write-Off rules apply?

Business owners may be eligible for an immediate tax write-off of a new or second-hand vehicle up to any value (previously $150,000 maximum) if the asset is ordered, acquired, installed and ready for use between 6 October 2020 and 30 June 2022.
Australian taxation legislation currently states that the depreciation limit for a motor vehicle defined as a car* remains at $59,136.

This means that cars below the car depreciation limit; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off in the income year it is first ready for use if delivered by 30 June, 2022. Vehicles (with over 1 tonne payload) such as our HiLux 4×4 Extra-Cab Cab-Chassis for example,
may be eligible for a 100% write-off.

There is an Instant Asset Write-Off available on every vehicle in the Toyota range. Ask your accountant about what benefit your business is eligible for and how it can be applied to your next Toyota purchase.

Take a moment to watch Kochie’s videos that has been created to provide further details on the economic stimulus packages available, including the threshold increase of instant asset write-offs.

or Learn More about the Government’s new Economic Stimulus Package.

visit ATO for information about the instant asset write-off .

^{* The depreciation car limit applies to a vehicle classified as a ‘car’ (a vehicle designed to carry a load of less than 1 tonne and fewer than 9 passengers) in the tax legislation.}