The Federal Government's instant asset write-off threshold has been extended to June 2022. With tax time around the corner this means that there's never been a better time to buy a Toyota Material Handling product!
Using the instant asset write-off, you can claim a deduction for each asset that costs less than the threshold that applied when the asset was first used or installed ready for use. Different thresholds apply, so make sure you check which one applies to your asset:
On 6 October 2020, as part of the 2020–21 Budget, the government announced that it will target support to businesses and encourage new investment, in part through a temporary full expensing incentive.
This measure is now law.
Eligible businesses can claim an immediate deduction for the business portion of the cost of an asset in the year the asset is first used or installed ready for use.
Instant asset write-off can be used for:
If you are a small business, you will need to apply the simplified depreciation rules in order to claim the instant asset write-off. It cannot be used for assets that are excluded from those rules.
The instant asset write-off eligibility criteria and threshold have changed over time. You need to check your business's eligibility and apply the correct threshold amount depending on when the asset was purchased, first used or installed ready for use.
For assets first used or installed ready for use between 12 March 2020 until 30 June 2021, and purchased by 31 December 2020, the instant asset write-off:
From 7.30pm AEDT on 6 October 2020 until 30 June 2022, temporary full expensing allows a deduction for:
Remember, registered tax agents can help you with your tax.
*For more information visit Instant asset write-off | Australian Taxation Office (ato.gov.au)
Please note: The information provided is of a general nature and does not take into account your personal needs and financial circumstances. Nothing constitutes or should be considered to constitute legal, taxation or financial advice. Before making a decision about any of the products or services featured, you should consult with your own independent legal, taxation and financial advisors, who can advise you about your personal circumstances.