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Instant Asset Write-Off

Instant Asset Write-Off now extended until June 30th 2023!
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If you're in the market for new vehicles for your business, now is the perfect time to take advantage of the instant asset write-off to maximise your deductions.
On 12th March 2020, the government announced an increase to the asset write-off threshold from $30,000 to $150,000, available for businesses with aggregated annual turnover of less than $500 million. This deduction is only available for vehicles purchased and delivered before 30th June 2023.
Financing your assets

Before claiming the deduction, you’ll need a cost-effective way to finance your assets. Fleetcare offer a range of finance products that will minimise your risk and maximise your deductions.  

Secured Loan

Also known as a chattel mortgage, a secured loan allows you to take immediate ownership of the vehicle along with the comfort of knowing exactly what your monthly payments will be. This finance option is the most popular with businesses seeking to claim the instant write-off benefit as they are still able to spread the costs of the vehicle, minus their depreciation, over a fixed term, further reducing cash outlay.  

Fleetcare will work with you to ensure your new vehicles are fit-for-purpose and can arrange fit-out and accessories as part of your finance arrangement, which can be included in the total asset value for write-off. Fleetcare can negotiate a trade-in for your existing vehicles and arrange all purchasing with access to national fleet discounts.  As Australia’s largest independent fleet management organisation, we’ll happily tailor a solution to suit your business including fleet management services, telematics and more.

Benefits for your business

Improve cash flow
Claiming the instant asset write-off could improve cash flow and allow an uplift for your business during a difficult financial environment.  
Update your fleet
The instant asset write-off allows businesses to replace ageing assets with safer, greener vehicles. This improves efficiency, reduces unscheduled maintenance costs, and improves the safety of your drivers.
Range of vehicles
With the asset value threshold increased from $30,000 to $150,000, you’ll have better choice when it comes to vehicle options and accessories.
Write-off accessories
By bundling accessories and vehicle fit out costs into the purchase, you’ll be able to write-off the combined amount.
Access fleet discounts
By purchasing your vehicle through Fleetcare, you’ll gain access to fleet discounts. With our buying power, Fleetcare can also assist in arranging fit-out, livery and accessories at reduced rates.

Instant Asset Write-Off FAQ's

Am I eligible for the instant asset write-off?

Australian businesses with an annual turnover of up to $500 million per year are eligible to claim the instant asset write-off.

Can I write off multiple assets?

You can claim the write-off for multiple assets, so long as each asset costs less than $150,000.

Is there a limit on the number of assets I can claim for?

No, there is no limit on the number of assets you can claim the deduction for. Each asset must be valued under the claimable threshold of $150,000.

Can I claim for second hand assets?

Yes, second hand assets are eligible, so long as each asset costs less than $150,000.

Can I claim for assets that are used for both business and personal use?

You can only claim the business portion of the expense.

Can I include a trade-in amount in the cost of the asset?

The entire cost of the asset must be less than the instant asset write-off threshold, irrespective of any trade-in amount.

What happens if the asset exceeds the threshold?

Standard depreciation rules will apply.

Are there any restrictions in the type of asset that can be written off?

The ATO provides this information about excluded assets.

Does the asset need to be delivered before the 30th June 2023?

Yes, the asset must be delivered before the 30th June 2023 to be eligible for the write-off.

Are accessories and fit-out costs able to be written off?

Yes, any accessories or fit out costs incurred during the purchase of the vehicle can be included in the overall asset value to be written off.

If you’re looking to protect your vehicle even more, we offer a range of additional vehicle protection options designed to enhance the safety and enjoyment of your vehicle. For a full list of options, click here.

How do I claim the write-off?

At the end of the financial year, the write-off will be included as a deduction on your tax return. We recommend seeking independent professional advice from your accountant or financial advisor.

Want to learn more about Instant Asset Write-Off?

Fill out the form below and a member of our team will get in touch

Disclaimer: This information is provided following a recent announcement of a ‘COVID-19 stimulus package' by Government. This information is not tax advice and is subject to any relevant Australian Taxation Office or other applicable legislation and eligibility criteria. Different tax measures may apply to you, please refer to your accountant and the following ATO website pages for further information: Instant asset write-off for eligible businesses and Temporary full expensing. Before making any taxation, or financial commitment or decision, Fleetcare recommend that you seek independent professional advice.