Used Car $30k instant asset write-off.
September 17, 2019
$30k instant asset write-off. Steve sell 17/09/2019
Did you Know?
You can buy a new or used car under the asset write-off scheme.
There have been changes to the government’s Instant asset write-off scheme.
The Federal Government, in the 2019-2020 Budget Announcement, proposed to increase the instant asset write-off threshold from $20,000 to $30,000 for eligible assets. And to apply the benefits to small and medium sized businesses with an annual turnover of up to $50 million.
This has now been passed as law.
The asset write-off applies to eligible assets first used, or installed ready for use, from 3 April 2019 to 30 June 2020.
For Australian small and medium sized business owners, the instant asset write-off scheme is a great way to upgrade technology>
This can help support long-term growth, while reducing your taxable income.
There has been a lack of awareness of the tax break.
A lot of people are unaware that this is the first time the instant asset write-off has been available for medium sized businesses with an annual turnover of between $10 million and $50 million.
A brief look at eligibility requirements.$30 k used car asset write off.
An Australian business that is trading with an annual turnover of less than $50 million should be eligible for the instant asset write-off.
The scheme applies to assets valued up to $30,000 that are purchased and can be written off in the same financial year.
Assets can include new or second-hand goods and vehicles.
www.wacars.com.au for quality used cars.
New and used plant and equipment, new and used tools and IT equipment.
You can claim for multiple assets is they are under $30,000.00. There is no limit to the number of assets the deduction can be claimed for.
E.g. You could purchase 40 computers for business use @ $2500.00 each and receive a write off for $100,000.00
Beware; if the asset is for both business and personal use, you only claim a deduction on the percentage used for business purposes.
www.loans123.com.au can finance your purchase. Subject to credit criteria.
Please get independent advice.
This information does not constitute financial or tax advice. You should check with your accountant or tax advisor that the instant asset write-off is applicable to you. There is no substitute for professional financial advice.
For more information visit the ATO website.