Looking at upgrading your business vehicle? You could be eligible for an instant tax deduction!
21st June, 2016
If you run a Small Business (with an aggregated annual turnover of less than $2 million), you are able to immediately claim a tax deduction for the cost of any asset costing less than $20,000 (excl. GST). This has increased from the previous asset write-off limit of $1,000 and is for all eligible assets purchased from 12 May 2015 to 30 June 2017.
The asset purchased must be a depreciable asset, and must cost less than $20,000 (excluding GST). This cost includes all associated charges, i.e stamp duty and delivery fees.
If you’re hoping to purchase a new business vehicle, and claim it as an instant asset write-off in this financial year, make sure it’s delivered prior to June 30, and that you retain your evidence.
Check with your accountant that you’re definitely eligible for the instant asset write off, then come in and see us at Tweed Heads and find a vehicle that suits your business needs! Check out our range of new Holden, HSV, Suzuki, Honda and Kia here. Or, our range of quality used vehicles here.