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Are you a Business Owner looking to capitalise on the Governments Instant Asset Write-Off Incentive?

What does an 'Instant Asset Write-Off' mean?

As a business owner, you can potentially take advantage of this scheme to upgrade your business vehicle. Businesses may be able to deduct the full cost of eligible depreciable assets of any value in the year they are installed. This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.

Due to the ongoing impact of the COVID-19 pandemic, the Australian Government decided to expand the eligibility criteria for the scheme:

  • Extending to businesses with an aggregated turnover of up to $5 billion (previously $500 million)
  • Extending the eligibility time-frame to cover assets that are purchased and ready to use between 6 October 2020 and 30 June 2022

What else should I know?

  • Toyota Fleet Management offers a Fully Maintained Chattel Mortgage product solution, which can be used to take advantage of the extension to the Instant asset write off scheme. If you would like to learn more about this product you can here, or to make an enquiry speak to one of our fleet specialists.
  • Ask your accountant about what benefit your business is eligible for and how it can be applied to your next vehicle purchase.

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Downtown Toyota

Fleet

753 Wynnum Road
Morningside, QLD 4170

Phone
07 3896 0100
Fax
07 3395 6421

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Department Trading Hours

Monday
8:00 AM - 5:00 PM
Tuesday
8:00 AM - 5:00 PM
Wednesday
8:00 AM - 5:00 PM
Thursday
8:00 AM - 5:00 PM
Friday
8:00 AM - 5:00 PM
Saturday
Closed
Sunday
Closed

It is important to note that this communication should not be used as tax advice. You should first speak with your accountant to see how this stimulus package applies to your business.

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.