Everything you need to know about Instant Asset Write Off

Stimulus Package Explained for ABN Holders

David Koch, Finance Expert explains the stimulus package for ABN holders and how it can asssit them during this time.

Toyota LandCruiser 70 Series GXL

2019 LANDCRUISER 70 SERIES

1 X 2019 LandCruiser 70 GXL (SN: 9158126)

single cab chassis manual in graphite

$76,888 DRIVEAWAY*

Stimulus Package Explained for Small & Medium Enterprises

David Koch, Finance Expert explains the stimulus package for SMEs and how it can assist them during this timee.

Toyota HiLux SR5

HILUX SR5 4X4

DUAL CAB TURBO-DIESEL AUTO

$53,990 DRIVEAWAY*

PLUS $1,500 FINANCE DEPOSIT BONUS^

 

Toyota HiLux 4x2 Workmate Ute

HILUX 4X2 WORKMATE

single cab chassis manual

$24,490 DRIVEAWAY*

PLUS $1,500 FINANCE DEPOSIT BONUS^

2019 HiAce LWB Van

2019 Hiace LWB + SLWB Van

PETROL | AUTO

1.9% Comparison Rate[F1]for ABN Holders

Max finance term of 48 months.

^$1,500 finance deposit contribution is available to approved Private, Bronze & Silver guests, on new & demo Kluger vehicles (all variants) (build dates January 2018 – November 2019), of Toyota Finance subject to normal lending criteria. Finance applications must be received by 31/07/2020. One offer per finance contract. This offer is not available in conjunction with any other offer. Terms, conditions, fees & charges apply. Toyota Finance a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL & Australian Credit Licence 392536. See your participating dealer for more information.

 

[F1] 1.9% annual percentage rate available to approved business applicants of Toyota Finance to finance all new & demo HiAce Petrol vehicles (build dates from February 2019 – December 2019). Offer available to Bronze and Silver Fleet guests only. Finance applications must be received by 30/06/2020. Maximum finance term of 48 months applies. Terms, conditions, fees and charges apply. Toyota Finance reserves the right to change, extend or withdraw an offer at any time. Ask your local Toyota dealer for more information. Toyota Finance, a division of Toyota Finance Australia Limited ABN 48 002 435 181, AFSL and Australian Credit Licence 392536.

Toyota SUV range

Accelerated Depreciation of Motor Vehicles (Instant Asset Write-Off)

Accelerated depreciation

Businesses will be able to claim an immediate deduction for assets, including new and used motor vehicles, where the cost is less than $150,000 ($165,000 including GST), subject to business use. This increased threshold of $150,000 applies from 8 am, 12 March 2020 (Australian Government, 2020). 

Vehicles with a cost greater than $150,000 will not be immediately deductable, however, potentially when the written down value falls below $150,000 they can be immediately deductible (providing this occurs no later than the income tax year ended 30 June 2020).

Eligible Businesses

Businesses with an aggregated annual turnover of less than $500 million (up from $50 million) are now eligible to access accelerated depreciation for motor vehicles.

You should check your eligibility with your accountant as this threshold has transitioned from $50 million to $500 million recently.

What is the tax benefit?

Businesses will be able to accelerate a deduction for depreciation for assets, including vehicles purchased up to $150,000 (subject to business use).

Please note this information is general in nature and should not be used as a substitute for your own professional advice. Any tax benefit that may be available will be subject to your own circumstances.

Source: Australian Government, 'The Australian Government's economic response to Coronavirus', 31 March 2020, retrieved from https://www.ato.gov.au/General/New-legislation/The-Australian-Government-s-Economic-Response-to-Coronavirus/

This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact your accountant/financial advisor to discuss these matters in the context of your particular circumstances. Downtown Toyota, their partners and/or directors, employees and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.

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