$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.
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:
- Stamp Duty
- Accessories fitted to the vehicle at time of acquisition (eg. Window tinting)
Important to Remember:
- It is the responsibility of the customer to obtain their own tax advise with respect to their eligibility for the write- off and
- 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:
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