COVID-19 Government Stimulus Package Explained with Kochie

April 21, 2020

Kochie explains the key points of the Australian Government Economic Stimulus Package.

Including the Instant Asses Write – Off Threshold.

What is included in the Stimulus Package?

1. Instant Asset Write-Off – Immediate tax write-off of a new or second-hand asset up to the value of $150,000 (previously $30,000) if the asset is installed and ready for use by 30 June 2020.

2. Backing Business Investment – Immediate 50% tax write-off of a new asset of unlimited value, purchased and delivered between 1 July 2020 to 30 June 2021, with existing depreciation rules for the balance of the asset value.

However, current Australian taxation legislation provides that the depreciation limit for a motor vehicle defined as a car* is up to $57,581.

For example, this means that cars below $57,581; like Yaris, Corolla, Camry, C-HR & RAV4 may be eligible for a 100% Instant Asset Write-Off if delivered by 1 July 2020.

Vehicles above 1 tonne carrying capacity such as our HiLux 4×4 Single-Cab Cab-Chassis, may be eligible for a 100% write-off up to $150,000.

Find the best Toyota for your business needs at John Cole Toyota

There is an Instant Asset Write-Off available on every vehicle in the Toyota range. Ask your accountant about what benefit your business is eligible for and how it can be applied to your next Toyota purchase.