The Vehicle Instant Asset Write-Off scheme is a tax incentive allowing Australian businesses to immediately deduct the cost of eligible vehicles against their taxable income, rather than depreciating over several years. For the 2023-24 financial year, the threshold is set at $20,000 AUD (excluding GST), meaning vehicles priced under this can be written off instantly.
Eligible vehicles typically include passenger cars, SUVs, and commercial vehicles used for business purposes. New and second-hand vehicles both qualify, provided they meet the price cap and the business turnover criteria.
Keep in mind, luxury cars above a certain limit (around $60,733 AUD) may have capped depreciation deductions, so check the Australian Taxation Office guidelines or consult your accountant before making a flashy buy.
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