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.