As part of the economic recovery program being put in place by the Federal Government, businesses up to $500m in turnover can invest up to $150,000 in a new or second hand asset and instantly write off the valuer of the asset.
That means there has never been a better time to buy that company car.
We have some absolutely beautiful pre-loved vehicles in stock right now that could become your next car. Whether it’s a luxury vehicle - Mercedes, BMW, Porsche, Audi, or an SUV, we’ll have a vehicle that will suit you.
Give the team a call on (02) 9417 2922 or visit srautotraders.com.au
Here’s some more details:
From 12 March 2020 until the end of 2020 the instant asset write-off stimulus has been increased:Threshold amount for each asset is $150,000 (up from ($30,000) Eligibility has been expanded to cover businesses with an aggregated turnover of less than $500 million (up from $50 million).
Under the instant asset write-off, eligible businesses can:Immediately write off the cost of each asset that costs less than the threshold Claim a tax deduction for the business portion of the purchase cost in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for both new and second-hand assets. Some exclusions and limits apply.
Please see the ATO website for more detailed information.
Instant asset write-off thresholds
Exclusions and limits
Work out your deduction
COVID19 Stimulus Fact Sheet(https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Support_for_business_investment.pdf)
Frequently Asked Questions ( https://www.bartons.net.au/images/pdf/InstantAssetTaxWriteOff-Car_Advice_Flyer.pdf)