We are excited to partner with them and to give you, our valued customers, the opportunity to purchase tickets from Destiny Rescue and have the chance to ‘drive away happy’ in a brand new Koleos, from Cricks on Wises Rd.
So let's do this for the kids!
Here is a link to BUY TICKETS
Businesses buy now before 31 December and you can get up to $150,000 instant asset write off in your 2021 tax return*
Never before has the government allowed an instant write off for this amount, for multiple assets and business with turnovers up to $500m.
The instant asset write-off extension allows your business to apply for a deduction in their 2021 tax return rather than receiving a deduction over a number of years, resulting in cash sooner for your business. New and used motor vehicles are included in the instant asset write-off. The instant asset write-off allows your business to receive an immediate tax deduction for your asset in your next tax return rather than receiving a deduction over a number of years, resulting in cash sooner for your business. New and used motor vehicles are included in the instant asset write-off.
Want to maximise your cash even more? You can still finance your vehicle allowing you to further boost your cash in challenging times. Additionally, take advantage of some of the lowest rates we will probably ever see again in our lifetimes!
Thinking of replacing your business vehicle or perhaps expanding your fleet? There is no limit to the number of individual assets under $150,000.
There has never been a better time to purchase a vehicle for your business, be quick, the $150,000 instant asset write-off will end 31 December 2020.
Example 1: Purchase of a motor vehicle for business purposes – the effect of the car limit for depreciation
Edward and Edna own and run a small irrigation supplies business. On 27 October 2020 the business purchases a luxury car that is designed to carry passengers, for $80,000. The instant asset write-off threshold at the time they first use the car in the business is $150,000. The cost of the car for depreciation is limited to the car limit at that time. As the cost of the car is above the $57,581 car cost limit for depreciation, the business can only claim an instant asset write-off of $57,581 for the year ending 31 December 2020 (2021 tax return). The business can't claim the excess cost of the car under any other depreciation rules. They also decide to update their work ute and the business purchases a ute for $65,000 on 27 October 2020. The ute isn't designed to carry passengers (and has been set up with all the trade tools in the tray) so the car cost limit for depreciation doesn't apply. The business can claim a full deduction of $65,000 as an instant asset write-off.
Example 2: Purchasing multiple assets PlumbCo is a company that operates a plumbing business that has an aggregated turnover less than $10 million. On 10 October 2020, PlumbCo purchases a new van for $22,000 and starts to use it for the business. The following month PlumbCo purchases a trailer for $14,000 and starts to use it to support the business. PlumbCo has spent a total of $36,000. As the $30,000 instant asset write-off threshold applies to each asset, PlumbCo is able to claim a deduction for both the van and the trailer in its 2021 tax return.
*We are unable to provide advice to you on the ability to claim this deduction for you and your business. Please consult with your accountant or tax agent. The vehicle must be delivered by 31 December 2020. Certain car cost limits also apply. Further information and examples can be found on the ATO's website: https://www.ato.gov.au/Business/Depreciation-and-capital-expenses-and-allowances/Simpler-depreciation-for-small-business/Instant-asset-write-off/
