| Disclaimer You cannot rely on this record in your tax affairs. It is not binding and provides you with no protection (including from any underpaid tax, penalty or interest). In addition, this record is not an authority for the purposes of establishing a reasonably arguable position for you to apply to your own circumstances. For more information on the status of edited versions of private advice and reasons we publish them, see PS LA 2008/4. |
Edited version of private advice
Authorisation Number: 1051898388236
Date of advice: 10 September 2021
Ruling
Subject: Business income tax deductions
Question
Can the full cost of the relevant utility vehicle be deducted?
Answer
Yes. Having considered your circumstances as outlined below, you will be entitled to a deduction for the full cost (net of GST) of acquiring the vehicle under current provisions relating to temporary full expensing.
Further information on the temporary full expensing can be found by searching 'QC 64428' on ato.gov.au.
This ruling applies for the following period:
Year ending 30 June 20XX
The scheme commences on:
1 July 20XX
Relevant facts and circumstances
You are a sole trader small business entity with an aggregated turnover of under $X billion. You purchased a utility vehicle in the 20XX calendar and financial year. The vehicle was built in 20XX and is a new asset purchase. The vehicle has a load carrying capacity of X kg and is designed to carry Y passengers, including the driver. The vehicle will be used 100% for business purposes and is ready for use in business.
Relevant legislative provisions
Income Tax Assessment Act 1997 Division 328
Income Tax (Transitional Provisions) Act 1997 subdivision 40-BB