14 September 2020
If your business is eligible to claim the instant asset write-off, you need to consider the car limit. The car limit is the maximum depreciation expense you can claim for a car.
The car limit applies to the cost of some passenger vehicles. It applies to passenger vehicles designed to carry a load less than one tonne and fewer than nine passengers. It does not apply to motorcycles or similar vehicles, or to vehicles fitted out for use by people living with a disability.
The car limit is:
Here are some tips to help you get it right:
When calculating car depreciation amounts:
Remember, registered tax agents can help you with your tax.
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Make sure you know the threshold amounts that apply.
The $150,000 instant asset write-off threshold has been extended to 31 December.