Maximise your business vehicle offsets like never before this tax time – Every Torque Toyota vehicle eligible!
June 15, 2020
If, like us, you’re excited about the government’s Instant Asset Write-Off package and what it means for saving your business money, you’ll want to get in quick with securing your new vehicle as the June 30 deadline is fast approaching.
Good news: There’s an Instant Asset Write-Off available on every vehicle in the Toyota range, and we can help you choose the right one!
For the first time, as part of the COVID-19 Economic Stimulus Package, Aussie businesses are able to purchase a new or used vehicle and claim the depreciation amount in one hit this tax year – offering a much-needed, immediate cash flow in these tough times.
Further, the asset limit has been upped from $30,000 to $150,000, and eligible businesses increased from those with an aggregated turnover of less than $50 million to less than $500 million. Additional details on the package and what it means for purchasing a vehicle can be found at this link.
We just have two things to say about all this: Oh, what a feeling! And how can we help you?
Torque Toyota’s dealerships are open and our friendly teams available to assist on any questions you may have about which model will best suit your business needs. June 30, 2020 is the cut-off date to take delivery of your new vehicle and take advantage of these incredible tax offsets for your business.
In terms of the financials – as always, seek advice from your accountant on what will be the right step for you. Torque Toyota is not in a position to offer tax advice.
It’s important to note that current Australian taxation legislation has set the depreciation limit for a motor vehicle defined as a car (a vehicle designed to carry a load of less than 1 tonne and fewer than 9 passengers), at $57,581. Torque Toyota offers a huge range of vehicles under this price point including the sleek, contoured and contemporary five-door SUV, the C-HR and the all-time favourite sophisticated sedan, the Corolla. Both of these models are in stock at Torque Toyota in Albion and North Lakes, and may be eligible for a 100% Instant Asset Write-Off if delivered by 30 June 2020.
Also, for any business owners with their eye on the all-new Toyota HiLux or Prado coming out later this year, there’s good news for you too! The Instant Asset Write-Off package offer has now been extended until December 2020. So, you can put in your order now and secure yourself one of these premium Toyota models, arriving late 2020.
Torque Toyota is here for you. Drop in or phone our team today if we can assist you in making the best decisions for your business this tax time.