The Federal Government last week extended the $150,000 instant asset write-off until the end of the year. If you missed your opportunity to write off an asset of your lifetime, you still have 6 more months to do so.
As we showed you in last month’s article, tradies and business owners can claim the full cost of the asset they purchase as an expense, thereby reducing the tax they will pay in the financial year.
There is a catch however, the instant asset write-off applies to motor vehicles valued up to a limit of $57,581 which is the maximum that can be deducted in a financial year.
The higher $150,000 limit applies to work vehicles that can carry more than one tonne or nine or more occupants.
Make sure to get your own independent legal and tax advice to see how the $150,000 instant asset tax write-off might to your situation and how you can save thousands off your next purchase.