What is the Instant Asset Write Off?
The Instant Asset Write Off is a tax programme that allows small businesses to immediately deduct a claim on their taxes. The claim must be for an acquired asset, which might mean different things for different business. You could deduct plumbing tools, office equipment, or even a new Toyota.
If your Toyota is used for work, is purchased by a small business, and is valued under a certain threshold, then there's a good chance you can claim it as an Instant Asset Write Off and cut your tax bill right down.
What is the Threshold for the Instant Asset Write Off?
The Instant Asset Write Off has been around for a few years, and in that time, the threshold has changed substantially. In the 2019 budget, it was announced that the Instant Asset Write Off could now be applied to assets costing up to $30,000. Other factors might come into play, however, and that figure is subject to eligibility criteria and GST status. Check with your accountant and our finance team before purchase to make sure you're making the most of the opportunity.
Is There a Time Limit on Using the Instant Asset Write Off?
Currently, the Instant Asset Write Off has only been temporarily increased to a value of $30,000. For assets acquired after 30 June 2020, the threshold is scheduled to drop right off to only $1,000.
Visit Our Toyota Car Dealership
If you think you might qualify for the Instant Asset Write Off, you can reach out to our finance team for more information. When looking at cars for sale, NSW's best is at Phil Gilbert Toyota. Our guests have their pick of fantastic new, used and demo vehicles. We're open seven days a week, so you can visit our Toyota showroom in Croydon or Lidcombe. Alternately, you can contact us online or call (02) 9735 8400 today.