Looking to purchase a new vehicle for your business? This article from Car Advice has got some fascinating insights on the Federal Government’s tax write-offs.
Here’s a short excerpt:
For other motor vehicles, (such as) commercial vehicles designed not principally to carry passengers (such as utility vehicles), businesses may be able to claim an immediate deduction where the cost is up to $150,000 excluding GST.
The document noted the vehicle can be new or used, but it must be purchased and put into use between 12 March 2020 and 30 June 2020. The advice also said the vehicle must be used 100 per cent for business purposes to be able to claim the full amount.
Cars that you use for your business can get expensive so this article might be a great way for you to restart your business in a post-COVID world. Read the rest of it at the link below to learn more…