Do you own a small business?
The Government has announced as part of the 2019 budget that it will extend the business instant asset write off deduction, increase the cost threshold to $30,000 to 30 June 2020. The $30,000 threshold applies from assets purchased from 2 April 2019.
Further, medium sized businesses up to a turnover of less than $50m are also eligible, in addition to small businesses with an aggregated turnover of less than $10 million as has applied previously. This announcement is a positive for our small and medium business customers who are looking to acquire assets costing under $30,000 in the period up to 30 June 2020.
What is Eligible with this write-off?
The instant asset write‐off applies to the majority of capital asset types, including new and used motor vehicles.
To be eligible, the cost of the asset must be less than $30,000 i.e. $29,999.99 and below. For a motor vehicle, the following have to be included in the cost:
- Stamp Duty
- Accessories fitted to the vehicle at time of acquisition (eg: window tinting)
The following has to be excluded:
- Goods and services Tax (GST)
- Compulsory Third Party (CTP) Insurance and Vehicle registration fees
Important to Remember as a Total Nissan Customer
- It is the responsibility of the customer to obtain their own tax advice with respect to their eligibility for the write‐off; and
- Any comments Total Nissan provide are not tax advice and are for general discussion purposes only and as such, cannot be relied upon.