Top 15 vehicles to write-off on your tax now
Whether it’s a car, ute, van or truck, there’s never been a better time to buyUnless you’ve been living under a rock, you’ll know the federal government has increased the instant asset write-off (IAWO) threshold from $30,000 to a whopping $150,000 for small to medium businesses with an annual turnover of less than $500 million.
And you’ll also know that the general economic downturn, exacerbated by coronavirus-related lockdowns, led to a near 50 per cent plunge in new vehicle sales in April and a subsequent over-supply of stock in the lead-up to the end of this financial year.
It’s a perfect storm that makes right now the best time to buy a new vehicle for your business.
As we reported here, the instant tax write-off applies to both new and used vehicles and is per asset, meaning that if you buy a one-tonne ute, a van and a small truck that each cost under $150,000 each, you can write off the cost of all three purchases in your 2019/20 tax return.
ABN holders can also write-off a new or used car, but the threshold for them is $57,581 and only the proportion of their use as business vehicles is applicable.
With most car-makers currently over-stocked and offering generous end-of-financial-year deals, there are unprecedented savings to be had right now.
Click on the links below to find the five best utes, vans and trucks to write-off on your tax – and remember, you’ve only got until June 30 to do it.
Five utes can write off on your tax now
Five vans can write off on your tax now
Five trucks you can write off on your tax now
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