The Government's 'Instant Tax Write-Off' Explained
In case you’re not yet aware, the Federal Government has extended its Economic Stimulus Package for the Instant Asset Write-Off Scheme to assist businesses with the purchase of assets.
HOW DO THE NEW INSTANT ASSET WRITE-OFF RULES APPLY?
Business owners may be eligible for an immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 31 December 2020. From 1 January 2021, only small businesses with an aggregated turnover of less than $10 million can apply for an Instant Asset Write-Off. The threshold will also be decreased to $1,000. For FY2020-21, Australian taxation legislation states that the depreciation limit for a motor vehicle defined as a car* has been increased to $59,136.
This means that cars below the car depreciation limit; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off if delivered by 31 December 2020. Vehicles such as our HiLux 4x4 Extra-Cab Cab-Chassis for example, may be eligible for a 100% write-off up to $150,000.
HOW CAN THE ‘INSTANT ASSET WRITE-OFF’ SCHEME APPLY TO YOUR BUSINESS?
If your business has an aggregated annual turnover of less than $500 million, you can potentially take advantage of this scheme to upgrade your business vehicle by immediately writing off depreciable assets that cost less than $150,000. Vehicles are amongst the eligible assets. This circumvents you having to write-off the asset partially every year, in accordance with its variable depreciation rates.
The entire Toyota range is eligible for a form of Instant Asset Write-Off. Ask your accountant about how this benefit can be applied for your business.
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.
Toyota HiLux
Speak to one of our team today about the Toyota HiLux.
Passenger Service Special From $139
We strive to bring you vehicle servicing at an affordable price.
Take advantage of Scarboro Toyota’s Passenger Service Special from only $139. We service all makes and model.
Your service will include -
- Replace Engine Oil & Engine Filter
- Check Operation of all Lights & Horns
- Check Wiper & Washer Operation, including Wiper Blade Condition
- Check & Adjust Battery & Brake Fluid Level
- Check Engine Air Filter & Engine Drive belts
- Check Exhaust Pipes & Mountings
- Check Fuel Lines & Fuel Tank for Damage & Leaks
- Check Driveshaft Boots
- Visually Inspect Brakes Pads, Shoes & Discs
- Check Brake Pipes & Hoses
- Inspect Front & Rear Suspension
- Check Tyre Condition & Adjust Pressure
Every service comes with 6 months Free Roadside Assistance which is renewable every time you service with us and a complimentary barista made coffee.
Commercial/ European Vehicle Service Special from only $189
Enjoy a complimentary barista made coffee with every service
Why go anywhere else when you can get your vehicle serviced for cheap. We service all makes and model.
Your service will include -
- Replace Engine Oil & Engine Filter
- Check Operation of all Lights & Horns
- Check Wiper & Washer Operation, including Wiper Blade Condition
- Check & Adjust Battery & Brake Fluid Level
- Check Engine Air Filter & Engine Drive belts
- Check Exhaust Pipes & Mountings
- Check Fuel Lines & Fuel Tank for Damage & Leaks
- Check Driveshaft Boots
- Visually Inspect Brakes Pads, Shoes & Discs
- Check Brake Pipes & Hoses
- Inspect Front & Rear Suspension
- Check Tyre Condition & Adjust Pressure
Every service comes with 6 months Free Roadside Assistance which is renewable every time you service with us.