![]() Any company with a turnover of up to $500 million can benefit from the new asset tax write-off scheme that was introduced in April of 2019. The best part is that you can instantly claim! There’s no need to wait until the end of the financial year to claim your car tax deduction. This has now been increased to a threshold of $150,000 and covers all businesses with an aggregated turnover of up to $500 million per annum (previously $50 million) It’s the ultimate business tax deduction for buying a car for business. Previously, the incentive gave businesses a $30,000 instant car tax reduction. The incentive is expected to revert back to $1,000 on July 1st 2020. Take advantage of the recently increased instant asset write off until June 30th, 2020. The Australian government has announced that the instant asset tax write-off threshold has officially increased from $30,000 to $150,000 to help minimise the economic impact of Covid-19.
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