The Australian Government has delivered new a Economic Stimulus Package to support local business. This package includes measures to support businesses with the purchase of assets, including new and used vehicles.
The Australian Government has delivered new a Economic Stimulus Package to support local business. This package includes measures to support businesses with the purchase of assets, including new and used vehicles.
The Australian Government has delivered new a Economic Stimulus Package to support local business. This package includes measures to support businesses with the purchase of assets, including new and used vehicles.
1. Instant Asset Write-Off – Immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 31 December 2020.
2. Backing Business Investment – Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value.
However, current Australian taxation legislation provides that the depreciation limit for a motor vehicle defined as a car* is up to $57,581.
For example, this means that cars below $57,581; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off if delivered by 31 December 2020.
Vehicles above 1 tonne carrying capacity such as our HiLux 4×4 Single-Cab Cab-Chassis, may be eligible for a 100% write-off up to $150,000.
1. Instant Asset Write-Off – Immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 31 December 2020.
2. Backing Business Investment – Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value.
However, current Australian taxation legislation provides that the depreciation limit for a motor vehicle defined as a car* is up to $57,581.
For example, this means that cars below $57,581; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off if delivered by 31 December 2020.
Vehicles above 1 tonne carrying capacity such as our HiLux 4×4 Single-Cab Cab-Chassis, may be eligible for a 100% write-off up to $150,000.
1. Instant Asset Write-Off – Immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 31 December 2020.
2. Backing Business Investment – Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value.
However, current Australian taxation legislation provides that the depreciation limit for a motor vehicle defined as a car* is up to $57,581.
For example, this means that cars below $57,581; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off if delivered by 31 December 2020.
Vehicles above 1 tonne carrying capacity such as our HiLux 4×4 Single-Cab Cab-Chassis, may be eligible for a 100% write-off up to $150,000.
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.
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.
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.
Contact our Sales Team for information about how an Instant Asset Write-Off could work for you
As a business owner, you can potentially take advantage of this scheme to upgrade your business vehicle by immediately writing off depreciable assets that cost less than $150,000. Vehicles are amongst the eligible assets. This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.
Please note this example is provided for explanatory purposes only, and should not be relied upon as tax advice.
As a business owner, you can potentially take advantage of this scheme to upgrade your business vehicle by immediately writing off depreciable assets that cost less than $150,000. Vehicles are amongst the eligible assets. This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.
Please note this example is provided for explanatory purposes only, and should not be relied upon as tax advice.
As a business owner, you can potentially take advantage of this scheme to upgrade your business vehicle by immediately writing off depreciable assets that cost less than $150,000. Vehicles are amongst the eligible assets. This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.
Please note this example is provided for explanatory purposes only, and should not be relied upon as tax advice.
Increasing the purchase threshold to $150,000
Extending to businesses with a turnover of up to $500 million (previously $50 million)
Extended the eligibility timeframe to cover assets that are purchased and ready to use between 12 March 2020 to 31 December 2020.
Increasing the purchase threshold to $150,000
Extending to businesses with a turnover of up to $500 million (previously $50 million)
Extended the eligibility timeframe to cover assets that are purchased and ready to use between 12 March 2020 to 31 December 2020.
Increasing the purchase threshold to $150,000
Extending to businesses with a turnover of up to $500 million (previously $50 million)
Extended the eligibility timeframe to cover assets that are purchased and ready to use between 12 March 2020 to 31 December 2020.
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 informatin about the $150,000 instant asset write-off extension to 31 December 2020.
* 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. We recommend that you to speak with your accountant or financial advisor to work on the best strategy for you, and which economic stimulus package can be applied to your circumstances. The information provided is general in nature and all customers must seek their own independent tax and accounting advice before making a vehicle 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 informatin about the $150,000 instant asset write-off extension to 31 December 2020.
* 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. We recommend that you to speak with your accountant or financial advisor to work on the best strategy for you, and which economic stimulus package can be applied to your circumstances. The information provided is general in nature and all customers must seek their own independent tax and accounting advice before making a vehicle 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 informatin about the $150,000 instant asset write-off extension to 31 December 2020.
* 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. We recommend that you to speak with your accountant or financial advisor to work on the best strategy for you, and which economic stimulus package can be applied to your circumstances. The information provided is general in nature and all customers must seek their own independent tax and accounting advice before making a vehicle purchase.
