Ah, the ATO and vehicle depreciation—because your car losing value is the only thing more certain than death and taxes. In Australia, the Australian Taxation Office (ATO) allows businesses to claim depreciation on vehicles used for work, typically using the diminishing value or prime cost methods. The standard effective life for passenger vehicles is usually set at 8 years, but this can vary. Depreciation rates can be around 25% per annum using the diminishing value method, but it depends on the exact calculation method chosen.
Remember, luxury cars have a write-off limit (check the latest ATO cap), and you need to keep meticulous records to avoid a visit from the taxman with less-than-friendly intentions.
For detailed and up-to-date info, consult the official ATO guides or ServiceCentral for practical advice.
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