The Australian government recently announced that the instant asset write-off has now been increased from $20,000 to $30,000 for ABN holders. This has been extended to June 30, 2020 and is now also offered to medium-sized businesses!
In other words, the immediate deduction can be made by small and medium businesses where the cost is less than $30,000 ($33,000 including GST), subject to business use, and includes new and used motor vehicles.
According to the government, a medium business is determent based on its aggregated annual turnover and must be greater than $10 million but less than $50 million in the 2018-19 financial year. We do however strongly recommend to seek guidance and check your eligibility with your accountant first as this threshold only recently increased.
So, if you are looking to purchase your next business vehicle, Cricks Tweed has a dedicated team behind the wheel who will ensure you get on the road quick and easily, and drive away happy!
Call us today (07) 5506 0900