Up to $150k* instant tax write-off!
The Australian Government announced that until 30 June 2020, the amount for instant tax write-offs would increase from $30,000 to $150,000.
- Are you a small/medium business with a turnover of less than $500m?
- Are you looking for a vehicle for business use prior to 30 June 2020?
- Are you purchasing a vehicle for less than $150,000 if not registered for GST? Or $165,000 (including GST) if registered for GST?*
If the above is applicable to you, you may be entitled to the $150,000 instant tax write-off.
*We are unable to provide advice to you on the ability to claim this deduction for you and your business. Please consult with your accountant or tax agent. The vehicle must be delivered by 30 June 2020 to claim in the 2020 financial year. $150k excludes GST if the customer is registered for GST (an ABN alone does not mean someone is registered for GST), and includes stamp duty, delivery costs and accesso-ries but excludes rego/insurance. It does not allow for invoice splitting. Applies to both new and used vehicles. This does not impact on your ability to finance the vehicle. LMCT 11720.