THE small business tax break is a great chance to update your business with a new car, trailer, van or motorbike.
All new and used vehicles are included in the tax break scheme so long as they will be used for commercial purposes within your company.
If you have your eye on a car over $20,000 then don’t worry, it can still be deducted but doesn’t qualify for the accelerated depreciation rate like other purchases.
Once the depreciation brings the price to $20,000 within the two-year bracket, the vehicle can be claimed in the deduction scheme.
And in good news for business owners wanting a car but needing finance, the tax break deductions remain whether you’re purchasing through finance or not.
That means you can purchase your new car through finance and still apply the $20,000 tax deduction.
Choosing a vehicle under $20,000 excluding GST and on road costs is a great way to maximise the tax deduction scheme, but be sure to chat with your tax agent to make sure the purchase suits you and your business and that the tax deduction applies to you.
Once you’ve done that and you’re ready to look for a new set of wheels to help boost your business, drop in to see the team at John Madill Toyota Noosa, 2 Lionel Donovan Drive, Noosaville.
John Madill Toyota has a range of new and used cars that will help get you and your business on the road faster.
