Essendon Isuzu UTE

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$150,000 INSTANT ASSET WRITE-OFF

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 31 December 2020.

In 2017-2018 there were more than 360,000 businesses that benefitted from the existing instant asset write-off, claiming deductions to the value of over $4 billion.

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 i.e $149,999.99 and below.

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 (eg. Window tinting)

Important to Remember:

  1. It is the responsibility of the customer to obtain their own tax advise with respect to their eligibility for the write- off and
  2. Any comments we provide are not tax advice and are for general discussion purposes only and as such, cannot be relied upon.

For more information on the instant asset write- off threshold click here:



Looking to take advantage of the increased instant asset write-off? Essendon Isuzu UTE have a great range of commercial vehicles to choose from:

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