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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 (extended until 31 December 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.

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*3 month repayment holiday is available to approved fixed rate business car loan applicants of Toyota Finance for the financing of a new or demo Toyota vehicle. Finance applications must be received by 30/09/2020 and settled by 16/10/2020. Maximum amount financed $150,000 per contract. First repayment will be due 3 months after the amount financed is settled. Interest and fees accrue from the date the amount financed is settled and applies on the entire loan period. Maximum finance term of 72 months applies with a deferred holiday period at the start. Normal lending criteria applies. Offer applicable for maximum 2 deferred contracts per customer. The terms and conditions of your business loan will continue to apply. Terms, conditions, fees and charges apply. Offer ends 30/09/2020. Toyota Finance is a division of Toyota Finance Australia Limited ABN 48 002 435, AFSL and Australian Credit Licence 392536.

[D1] Recommended driveaway price (RDP) shown is applicable for Private customers, Bronze, and Silver Fleet customers, and primary producers, only at participating dealers. Offer available on new January 2020 to April 2020 built models purchased between 01/05/2020 and 30/06/2020 unless extended. RDP includes 12 months registration, 12 months compulsory third party insurance (CTP), a maximum dealer delivery charge and stamp duty. Metallic/Premium paint at additional cost. Toyota reserves the right to extend or amend the offer at any stage.

^$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.

[F3] 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.

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.