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Instant Asset Write-Off

Take advantage of the instant asset write-off before 30th June 2021!
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The instant asset write-off is an effective way to invest in business equipment without affecting your cash flow. Businesses can claim on tools, equipment, office furniture, business vehicles and much more!
Any asset that you purchase decreases in value over time. Many people claim depreciation on that asset each year, however, with the instant asset write-off scheme, businesses can claim the full depreciation as a one-off lump sum in their next tax return.
Financing your assets

Need a new business vehicle? A Fleetcare Secured Loan (also known as a Chattel Mortgage) allows you to take immediate ownership while you make monthly repayments. Plus, you claim an immediate deduction for the vehicle in your next tax return thanks to the instant asset write-off scheme.

Secured Loan

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.

We will work with you to ensure your new vehicle is 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 2021?

Yes, the asset must be delivered before the 30th June 2021 to be eligible for the write-off in this financial year.

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.

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?

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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. Before making any taxation, or financial commitment or decision, Fleetcare recommend that you seek independent professional advice.